I read an article today that had me scratching my head. It wasn’t because I didn’t understand it, it’s because I could never imagine my parents giving us kids money growing up. Simply stated, they just didn’t have extra. Raising 6 kids and a dog in a small house in Brooklyn NY in the 60’s and 70’s took everything they had. If I was asked personally what I thought my parents lost the most of during that time I would have to say “their patience”
Todays national situation is so unfortunate. Many millennials rely on their Baby Boomer or Gen X parents for financial support. With the high cost of rent, student loans, unstable jobs, and healthcare who wouldn’t need help? In my opinion, as a parent, you have some part of you that feels responsible. Not saying that we feel it’s our fault, I’m talking about that inner spidey sense that goes off and you rush to fix things. That’s what parents do OR wish they could do for their children. Some of you are saying right about now ”not my parents!” and you’re not alone.
In the article Parents Support To Adult Kids: $500 Billion A Year, you’ll read statistics that will make you raise an eyebrow for sure. They write about parents who are helping their children – but at what cost? Year after year parents that provide financial support for their adult children are removing financial security from themselves. 72% of parents surveyed say they put their children’s financial security ahead of themselves. 63% sacrificed their financial security for their children. When the time comes for the parents to support their own healthcare and additional needs that come with aging, the rubber meets the road and the reality of it all stares straight at them.
Merrill Lynch and Age Wave put out a study called The Financial Journey of Modern Parenting: Joy, Complexity and Sacrifice. You’ll catch other details to paint the picture.
A line pulled from the article “parents realized they didn’t know how to execute boundaries or when to say ‘enough is enough.’ This is new, uncharted territory for them.”
For the sake of everyone – I hope it works out the best for all!
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