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When Does The Bank Of Mom (And Dad) Close?
January 7th, 2010
Courtesy of Quinn.Anya via Flickr
A recent posting on the Globe and Mail’s blog posed this: how long should parents of grown children provide their kids with financial support?
According to the article about 6/10 parents of grown children are giving their kids upwards $3,500 a year (we figure this doesn’t even include all of the free rent, utilities and groceries that many 20-somethings are currently riding on). The article even cited one family who continues to give money to their married children as what they call an early inheritance.
In a survey , they found that most baby boomer parents (who are not only carrying on the financial responsibility of taking care of their kids well past the age of majority, but are also feeling the burden of helping their aging parents) don’t expect their kids to be self-sufficient until the age of 25. My, how times have changed from 50 or even 20 years ago. But we have to wonder, is the maturing process slowing? And are we as parents to blame for our kids feeling too comfortable? If so, is this a bad thing?
So, when it comes down to giving your kids money do you have a cutoff age? Or does it depend on the parents financially stability? Or the child’s?
Also, take a look at these other family money solutions:
- Money lessons for mom
- Family finance quiz
- Teaching your kids about money
Copyright © 2012 St. Joseph Media. All Rights Reserved.