Parents Extend Financial Support Amid Tough Economy
Nearly Half of Parents Assist Adult Children Monthly
According to CBS NEWS in today’s tough economy a recent study shows more parents are helping their grown-up kids financially. Almost half of parental support with adult children are giving them money each month. This parental support is because young adults are facing tough times with things like student loans and low pay. On average parental support are giving about $1400 a month to help with rent, groceries and other bills. But this parental support is making it hard for parents to save money for themselves.
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(PHOTO:Stock Photo ID: 2115261440)Parental Support Soars Amid Economic Struggles: Parents Aid Adult Kids But Striking Balance Between Assistance and Independence
Experts Stress Importance of Fostering Financial Independence in Young Adults
Experts say it’s important for parents to help their kids become independent. JP Krahel who teaches about money at Loyola University Maryland says talking openly and setting clear rules is key. Parents can also help their kids learn to manage money by guiding them on budgets. It’s all about finding the right balance between helping and letting go. Each family needs to figure out what works best for them. It’s important to support your kids but also to make sure you’re taking care of yourself financially. By working together and finding ways for young adults to stand on their own feet families can thrive in tough times.
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