“He’s 18. He’s finished school. I’ve done my job to get him there. It’s up to him now,” a friend of mine told me recently.
I understood where she was coming from, but my experience is that parents are still involved – particularly financially – in the next phase of their kid’s life from 18 up to when they establish themselves in the workforce. Most likely she will have him living at home for several more years.
In fact, even after your kids have finished studying, they may still be living at home, according to census data. Around 50% of all 20- to 24-year-olds still live in the parental home, up from 33% in 1981. Men are more likely to stay at home than women.
Young adults are facing greater financial burdens and uncertainties. There is a shortage of affordable housing, rents are rising and financial issues, such as tertiary education debt, mean they are reluctant to move out of home.
Often parents provide valuable financial and emotional support to their adult children while they save money and work on their career. It can be a mutually beneficial arrangement for both parents and adult children.
Parents are typically generous when it comes to their own children and some provide food and pay utility bills. They lend them the family car, not to mention doing their laundry, their cooking, and their share of the housework.
Parents feel the pressure
Older parents who had their kids in their late thirties or even their forties feel the pressure to keep working to help support their twenty-somethings. And unless they make it clear otherwise, their adult children expect the generosity to continue.
Adult kids may assume their parents are well off, but this isn’t necessarily the case. Parents should not neglect their own retirement savings and plans.
この記事は Money Magazine Australia の May 2023 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Money Magazine Australia の May 2023 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
Is the public market shrinking?
Australia needs a healthy stock market to give companies access to funds and to allow retail investors to build wealth.
India: three steps to transformation
Massive investment and extensive reforms turbocharge the economy.
The ballet of business
Changing direction, products, models and marketing is a hard task for a business. We chart what it takes to turn a business around, plus profile four successful pivots.
Save money and the planet
Could the high cost of living give us the incentive we need to reduce how much water and energy we use or waste? These eco-friendly household tips will help you do just that.
AI adoption is the new black
Artificial intelligence is set to reshape the commercial world, and small enterprises can’t afford to miss the boat.
Spam attack! Murky laws jam our inboxes
Unwanted marketing material is one of the pain points of modern life.
From rags to riches in style
Rich Tran sported a bowl cut until he was 14 years old and had no intention of becoming a hairdresser.
New work deals are killing the 'old' office
The Covid pandemic and the subsequent lockdowns accelerated the trend to more people working from home. It was a mixed experience.
Points taken: the truth about rewards
Can hopping between credit cards really boost your frequent flyer haul and give you cheap or free travel - or is it doing more harm than good behind the scenes? Money puts it to the test.
Shortcuts to own a home
Innovative ideas with a focus on low costs and sustainability could help solve the housing crunch.