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June 16, 2008Financial Help among Family and Friends in Vulnerable Neighborhoods : Part 1: Who Gives? |
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From Urban Institute: Financial assistance from family and friends is an important resource for lower-income families dealing with difficult economic circumstances. This fact examines what percent of respondents in low-income neighborhoods gave financial help, either to family and friends or to other people they live with, in the last 12 months. This does not differ substantially when we examine immigrant and U.S.- born groups as a whole. Among U.S.-born respondents, approximately two-fifths of whites, blacks, and Asian Americans gave financial help to family and friends. U.S.-born Hispanics gave financial help at a substantially lower rate (30 percent). Not surprisingly, the groups differ substantially in whether the financial assistance given is to those within the U.S. or out of the country. Only 10 percent of U.S.- born respondents who gave financial assistance sent it outside of the country, as compared with 83 percent of immigrant respondents. Respondents of from Africa and the West Indies (combined), Southeast Asia, and Latin America sent over threefourths of their financial assistance to family and friends outside of the country (75, 83, and 88 percent respectively). Respondents from Europe and Canada (combined) and China and India (combined) have lower rates of sending help outside of the country than other immigrant groups (49 and 56 percent respectively).
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