The practice of encouraging young adults to “fly the coop” is practically an American tradition. Generations of citizens have packed 18-year-old children off to college or helped them prepare for jobs and live independently. In recent years, that trend has changed dramatically. Millions of parents now support adult offspring or provide other types of financial support. Some young people move back in with their families, while others accept money from parents. Some people make these arrangements by choice, while circumstances force them on others.
Grown Children Helping Parents May Need Financial Assistance
Older adults usually get sick more often and, when they do, they turn to grown children for help. Parents often ask kids to care for their homes until they are well. Seniors take longer to heal, so those who can afford it are often willing to reimburse adult children who take time away from their jobs and homes to help. Without financial aid, kids can suffer financially. They often shoulder many responsibilities. For instance, it may fall to them to contact skilled nursing facilities at sites like mcknightplace.com and arrange for long-term care. Sons or daughters might tend to pets, maintain households, and take care of other day-to-day issues while parents heal.
Parents Often Help Young Adults Down Debt
If you find yourself paying some or your grown child’s debts, you are not alone. According to Bankrate experts, parents in all income brackets are now helping adult children with significant expenses like student loans. Surprisingly, those with modest incomes of $30,000 or less feel that offspring should be paying their bills by age 24. Parents making $50,000 to $80,000 believe they should stop helping when kids are 23.
Some Families Choose Multigenerational Living
It is also becoming common for young adults to move back home instead of starting independent lives in their twenties. That does not mean parents are spoiling them. Many recent college graduates have so much student debt they cannot afford to buy a car, let alone live on their own. A recent Forbes article reported that 50% of Millennials intend to move back home once they graduate. Not all parents have a problem with the idea. If you are a fan of multigenerational living, you have likely arranged your home and life to accommodate two or more generations of family under one roof. It is a growing trend that allows families to share expenses while enjoying benefits like stronger bonds and greater security for both older and younger members.
Seniors May Choose to Help Financially Instead of Leaving Inheritances
Some wealthy parents assist married children financially. They may feel an obligation to support sons or daughters who are struggling financially. Some seniors provide incremental financial aid instead of leaving a lump sum as an inheritance.
Sometimes Adult Children Have Live-Altering Experiences
You could also be in a position where you must help an otherwise independent child whose life has suddenly taken a wrong turn. It’s typical for loving parents to assist grown children who have developed physical or mental illnesses. Many parents help with expenses when their offspring have sudden reversals and need time to rebuild financial security. There are no guidelines that let parents know whether aid is helping or hindering, so it is always a personal decision.
Millions of parents now support grown children financially for a variety of reasons. Some parents are ensuring kids’ future financial independence while others take on expenses caused by unexpected events. Helping grown sons and daughters is a very personal decision, and each parent must decide whether it is right.
