Helping Each Other in Times of Need

Financial Help as a Means of Coping with the Economic Crisis

by Susann Rohwedder

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One way that U.S. households are coping with the global economic downturn is by reaching out to each other via financial help. This paper reports survey results from late 2008 and early 2009 that detail patterns of giving and receiving financial help among households in response to the economic crisis, and how these patterns vary by age and income. Among the key findings are that many more households are giving financial help than receiving it and that help most frequently flows from parents to children.

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