Currently, much has been discussed about what is the appropriate age for young people to become responsible for their own expenses. Some believe that they should only be held responsible from the age of 22, while others, like their parents, defend that at 19 they should already have to pay for their own expenses.
Keep reading and find out how long the generation Z thinks she should be supported by her parents.
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What is the age for young people to become responsible for their finances.
According to recent studies, the baby boomers (people born in the 80s and 90s) and Gen Z (those born after the 2000s) are at odds with the appropriate age for financial independence.
Generation Z believes that they should only become financially responsible after turning 21 or 22, as they do not feel able to afford their expenses at younger ages.
However, the baby boomer generation disagrees, they believe their children should start paying for themselves when they turn 19. Parents of this generation claim that they are tired of supporting their children financially.
Studies show that parents are often sacrificing themselves financially to help their children. Such sacrifices directly impact their retirement, making it almost impossible to pay their own debts or reach their goals.
The fact that generation z (young people between 18 and 26 years old) is entering an uncertain job market, due to the inflation and high interest rates, is one of the reasons why parents are financially shouldering their children.
After all, for these reasons, children find it difficult to gain financial independence.
Location can also be a contributing factor for parents to shoulder their children's debts until later ages. advanced, because in some states of the country the standard of living is higher, which makes it difficult for young people to pay their expenses alone.
The pandemic was another factor that significantly disrupted the financial independence of generation z, as many businesses closed and the economic crisis worsened across the world.
Experts point out that paying for your children's expenses for too long can disrupt the development in adult life, in addition to putting his own retirement and other goals at risk financial.
To help their children become financially independent, parents can create a budget agreed with clear expectations between them, which establishes how long they can offer such support.
Talking about economics and teaching your children finances can also help them become more financially responsible and pay their expenses earlier and earlier.