How to Financially Care for Your Parents & Not Go Broke

Many Latinas in the U.S. are financially responsible for their relatives. Consequently, many have no choice but to make tough financial decisions, like taking on debt they can’t afford to pay back or using all of their savings on their family, which can delay their own economic progress. A majority of Latinas say they often feel pressure to support their family in some way, whether it’s caring for children or elderly family members, providing financial assistance, or living close to family, according to a 2024 Pew Research Center report. Elizabeth, for example, says her parents resent her for not living in a bigger home that could house them as well, even though her current living space is what she can comfortably afford.