Perspective: When to cut off financial help to adult children
A recent survey by Bankrate.com found that 51 percent of Americans are sacrificing their retirement savings to free up money to assist their adult children. By Michelle Singletary Michelle Singletary Personal finance columnist Email Bio Follow Columnist May 2 at 6:05 PM As parents, my husband and I have struggled with finding the right balance between protecting our children and letting them learn things the hard way.
A recent survey by Bankrate.com found that 51 percent of Americans are sacrificing their retirement savings to free up money to assist their adult children.It's understandable that parents want to continue to protect their children as they enter adulthood because starting out can be a struggle. Another reader wrote, “My son feels bad about getting financial help from us. Two things: I think he’s pretty responsible with money. He’s getting a Ph.D. We tell him he’ll get the money sooner or later and he might as well get it when it will help the most.”
It's coddling — and destructive to their development — when you don't see financial growth. It's overprotecting when your adult child is fine with you footing the bills for his smartphone, car insurance and student loans while he's taking vacations and living it up with his friends at happy hour.
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