The article ‘What’s the right time to get your kids off the family payroll?’ highlights the importance of financial independence for adult children, urging parents to stop supporting them once they reach a certain age. The author, a parent with three children aged 23, 25, and 27, points out how many parents are financially enabling their children, which jeopardizes their own retirement. The piece advocates for clear expectations and boundaries, suggesting that parents should cut financial ties by the time their children are 22 to 25. It also emphasizes the long-term financial impact of such support, comparing it to a drain on retirement savings. The author argues that teaching financial responsibility now is more beneficial than allowing children to struggle later. The article serves as a call to action for parents to set boundaries and prepare their children for independent living.
America has a parenting problem – we’re raising our kids to be dependent adults, financially coddled long past the point of reason. This trend not only undermines the development of our children but also jeopardizes the financial security of our parents. As a parent of three children aged 23, 25, and 27, I’ve observed firsthand how many parents are financially enabling their adult children, which is causing significant strain on their own retirement plans. The article critiques the current cultural norm where over 50% of young adults aged 18 to 29 are still living at home with their parents, a trend the author compares to Italy’s situation.
The author argues that this over-supporting of young adults is part of a larger societal issue rooted in over-coddling, which has led to a generation of children who lack the skills to manage financial responsibilities. The author shares their personal experience of growing up with limited financial resources, which motivated them to become a successful individual. However, they also point out that the rising cost of living, including home prices, education, and everyday expenses, has made it increasingly difficult for young adults to transition to independent living.
The article suggests that parents should set clear expectations and boundaries, cutting financial ties by the time their children are 22 to 25. It advises parents to charge rent, hold their children accountable for expenses like car insurance and utilities, and focus on providing tools and guidance rather than bailouts. The author emphasizes the long-term financial impact of such support, noting that it can drain retirement savings and lead to extended working years. The piece serves as a call to action for parents to prioritize their financial security while preparing their children for independent living.
The article concludes by emphasizing that loving one’s children doesn’t mean supporting them forever. Instead, it’s about preparing them to stand on their own two feet. The author advocates for setting boundaries and instilling financial responsibility in children, arguing that this approach is more beneficial for both parents and their children in the long run.