As a parent, it can be challenging to balance providing financial support to your children with maintaining your own financial security. A recent article by Suze Orman highlights the importance of teaching young adults the value of financial independence and the potential consequences of over-reliance on parental support.
According to the Pew Research Center, many young adults are still reliant on their parents for financial help, with only 45% of those between 18-34 reporting they are completely financially independent. However, as young adults get established in their careers, they are more likely to become financially independent, with 67% of those between 30-34 reporting they are fully on their own.
Suze Orman emphasizes the importance of teaching children the difference between needs and wants, and encouraging them to take responsibility for their financial decisions. She also stresses the need for parents to prioritize their own financial security and to provide support that is focused on helping their children build towards financial independence.
Key Takeaways:
Many young adults are still reliant on their parents for financial support
Teaching children the difference between needs and wants is crucial for their financial independence
Parents should prioritize their own financial security and provide support that is focused on helping their children build towards financial independence
Encouraging young adults to take control of their financial decisions can help them build a stronger financial future
Sources:
Pew Research Center: "Young adults and their parents: Financial support and independence"
Suze Orman: "How to Help Your Kids Without Hurting Yourself Financially"
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