Parenting is a lifelong commitment. The long days and nights when they are little. The rocky teen years. And the coaching, counseling, and care that continues even when “the nest” is empty. Should you give money to your adult child?
Most parents of post-college-aged kids will tell you, their “children” still have a lot to learn about life, “adulting”, and money management.
Teaching them about money when they were young wasn’t always easy, and even if you gave it your best shot then, you may not see stellar results now.
Over the years we have addressed so many questions from parents of adult children. Should we give them money? Aren’t they just getting started with life? How much is too much? How long is too long? What should we do?
It’s difficult. (But when isn’t parenting a challenge?)
So is it right to give financial handouts to a son or daughter who is “on his or her own”? (True emergencies aside.)
Holding their hand for every step they attempted as a diaper-wearing youngster would have helped avoid a lot of falling, but they would never have learned to walk independently.
Is regularly funding a post-college “child” a bit of the same?
AgeWave in partnership with Merrill Lynch conducted a four-year, 50,000 participant survey to explore some patterns and facts about aging parents and their involvement with their kids. Among other stats, they found the average amount given to “adult children” by adults, who are nearing retirement, is $6,800 annually.
So were we. Read more …
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p.s. Do you have questions or comments about this tricky topic? We would love to hear from you on Facebook or Twitter.
Taylor and Megan Kovar
The Money Couple
Other articles about this topic:
10 Ways To Guarantee You’ll Pay Your Child’s Bills Forever