Posted on 04/24/2019 11:19:44 AM PDT by EdnaMode
Financial independence, once a hallmark of adulthood, has gone by the wayside as adult children increasingly depend on their parents to help them cover the cost of rent, student loans, health insurance and more. But parents' desire to give their children a financial assist could be misguided -- and even backfire in the long run.
Half of American parents are unable to save as much as they'd like to for retirement, and their grown offspring -- whom they still count as dependents -- are to blame, according to a new Bankrate.com study.
While they likely mean well, parents who support children into young adulthood often end up encumbered when they reach retirement age. They can inadvertently hamstring their kids, too.
Instead of bankrolling their grown kids' lifestyles, parents would do well to keep an eye on their own finances while teaching their children financial independence, experts say.
(Excerpt) Read more at cbsnews.com ...
My wife and I have six successful kids. We’re doing it in reverse. :D
Yup,
I’m good And Staying that Way.
I told my kids that I expect them to take care of me and their mother when we get old, so they’d better study.
Add in the effect of overly protective parenting and an emphasis on high self esteem that is not earned, and we get a lot of poor decision making (parents and children). Just to name a couple of things...
So when the parents are broke and the kids still don’t have resources to care for them we’ll have TWO voting constituencies for socialism. Swell.
BS! The reason people don’t accumulate enough is because government is taking half of their ernings for their entire working lives. People are living their lives off of residual income left over after they have funded goverment.
This is not going to get better. And they’re not working so not contributing to SS. Fewer contributors in the market, more takers. Low birth rate. High abortion rate. Downward spiral.
Gee.
People who handed their children off to a never ending secession of babysitters, teachers, coaches, counselors, clergy, and lifeguards find their kids didn't learn life skills.
Making them latchkey kids didn't instill a work ethic, or ground them in face.
Television taught them to be like the dysfunctional wretches who television primarily features.
Two or three hours tops spent in the presence of their parents (or singular parent much of the time) didn't provide the grounding, learning, and relationship development needed in life.
Golly who would have thought that would happen? Other than those kooks who quoted scripture regarding parenting in church - but what did those people know? They were old!
Hmmm. Swype keyboard changes “faith” into “face” by default.
I think the best way for Granny to spend her money is by gambling at the casino.
Socialist parents and godless public school teachers teaching kids everything they need to know.
Learn to code.
Don’t forget the high cost of living.
All good here. 18 and out plus enough to get a good undergraduate education. There have been no flaws in that plan. They knew the deal from the time they were 5 or 6 when I told them that they had already had about 1/3 of their lifetime expenses paid by me pass by and that they had better make good grades and stay out of trouble. I then showed them skid row and eventually the jail for emphasis. Made believers out of them at an early age.
ZERO excuse for any parental support past 18 unless the kid has severe disabilities.
Old enough to reproduce, old enough to take on full adult responsibilities.
My dad left home at 15 (lied about his age to join the Army), mom at 16; I can’t conceive of what a failure it must be like, parent or kid, to have ‘em around at 20 or unemployed at 25.
BS! I say its government stealing the lion’s share (taxes) from people.
Not really. Look at Beto and Bernie...they moved out of their basements once they hit their 40’s..s/
Ask yourselves:”Would I hire a millennial?”
You forgot all the immigrants, legal and illegal, who are diverting entitlements from American citizens, native born and naturalized, who paid into the system.
50% are on the gubmint titty. And that’s a lower estimate.
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