11/20/2013 10:25 am ET

Do You Give Money To Relatives? You May Be The 'Family Bank'

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More than six in 10 older Americans have become the “family bank,” giving financial support to relatives even if it means delaying their own retirements, according to a new survey.

Among people age 50 and older, 62% gave monetary assistance to a family member in the last five years, either one-time help or ongoing support, according to the study by Merrill Lynch Global Wealth Management and research firm Age Wave.

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