Just because your kid has grown up, doesn’t mean you stop paying for them. A new study out says nearly 75% of parents financially support their adult children ages 18 and over.
CreditCards.com Senior Industry Analyst Matt Schulz says life in 2017 is very expensive and sometimes it’s tough to cut the cord, but in the end, it’s the best thing you can do as a parent.
“It’s natural for parents to want to help their kids, but there’s danger in doing too much. One of the greatest gifts a parent can give to their children is teaching them how to manage finances and to live within their means. Not only will it help mom and dad keep their savings for retirement, but it will also set junior on a steady course toward financial success.”
Schulz goes on to say that most of the parents who help support their adult kids, do so by paying their living expenses or helping them pay down debt. He makes a distinction between financing poor decisions verses helping them pay off medical bills or student loans.
Schulz was a guest on McIntyre in the Morning.
Sharon Reardon, KABC News