Priya PatelTLDR:
According to a recent study by Pew Research, three-fifths of parents with adult children provided them with financial help in the past year. This highlights the fact that modern parenting extends beyond a child turning 18, and supporting an adult child can become expensive. Half of adults under 30 still live with their parents, indicating a new life stage between adolescence and full adulthood. Although parents may have good intentions, providing financial support to adult children can have negative consequences and hinder their ability to become financially independent.
One-third of parents who provided financial help to their adult children reported that doing so had a negative impact on their own finances, suggesting that the ones who can least afford to provide support are the ones doing so. Supporting adult children can reinforce their dependence on their parents and prevent them from learning how to become independent. Parents need to consider when their support is getting in the way of their children moving on with their lives.
It is important for parents to ensure that their own financial needs are met before providing support to adult children. This may involve budgeting and planning for retirement to avoid the risk of relying on children for financial support in the future. While some level of parental aid may be necessary and beneficial, it is crucial to establish boundaries and eventually cut off financial assistance to encourage adult children to become self-sufficient.
References:
-Pew Research reports that three-fifths of parents with adult children provided them with financial help in the past year, emphasizing the need for modern parenting beyond a child turning 18.
-Half of adults under 30 live with their parents, indicating a new life stage between adolescence and full adulthood.
-Providing financial support to adult children can have negative consequences, such as reinforcing dependence and hindering their ability to become financially independent.
-One-third of parents who provided financial help reported that doing so had a negative impact on their own finances.
-Parents need to consider when their support is preventing their children from moving on with their lives and establishing boundaries for financial independence.
