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Parents to adult kids across the U.S. are considering coming out of retirement or refinancing their homes in order to prop up their kids\u2019 bank accounts \u2013 and the cash requests are only going to keep coming.<\/p>\n
But when is it time to close the Bank of Mom and Dad in order to protect your own financial security, especially in the face of a global recession<\/a>?<\/p>\n Economists are divided over whether or not the U.S. will plunge into a period of major economic downturn. The more optimistic among the group cite the slowdown in U.S. wage growth which had accelerated inflation<\/a>, and on Thursday the Bureau of Labour and Statistics announced that U.S. Inflation<\/a>\u00a0has fallen to its lowest level in more than a year.<\/p>\n Others, such as Nouriel Roubini of New York University\u2019s Stern School of Business, said the world is on course for a \u201ctrain wreck\u201d. <\/p>\n Mohamed El-Erian \u2013 who serves as president of Queens\u2019 College at the University of Cambridge \u2013 has warned that the likelihood of a U.S. recession is \u201cuncomfortably high<\/a>.\u201d<\/p>\n What\u2019s clear is business leaders<\/a> are lacking in confidence while many individuals are panicking about their financial security.<\/p>\n During the pandemic younger generations increasingly had to rely on their parents for support, after being thrown into the world of work often with no prior experience or savings to fall back on. <\/p>\n College-age kids are now increasingly panicking about their financial stability \u2013 with a recent study finding they\u2019re as worried about inflation and recessions as they are about mass shootings.<\/a><\/p>\n