Nowadays, it is observed that parents are supporting their adult children for a longer period than in the past. This situation has generated a worldwide and cultural debate about the extent to which parents should continue to provide this financial assistance.
Many parents already feel overwhelmed by their children's needs and want them to take responsibility for their own expenses and lifestyle.
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How many years should parents support their children?
The question "How long should parents support their children?” has been gaining strength.
Despite investing time, money and effort in raising their children, parents believe that there comes a time when that their descendants must walk with their own legs to grow and reach their goals independently.
After all, there comes a time when the responsibility for paying for housing, health plans, transportation, communication, college, travel and entertainment becomes the responsibility of the children and not the parents.
Research carried out indicates that the generation Z (young people between 18 and 26 years old) believes that parents should bear their expenses for longer.
On the other hand, the baby boomers (those born between the decades of 1946 and 1964) argue that their children should become financially responsible from the age of 21.
What are the risks for parents to financially support their children for too long?
It is evident that parents have the responsibility to provide for their children, guaranteeing their basic needs. However, such assistance should not be eternal, as it can bring risks.
Many parents make considerable financial sacrifices to raise their children, sometimes neglecting their own needs. According to surveys, several parents report that prolonged financial support for their children has significantly affected their savings.
This took a toll on their pensions, emergency savings and, in some cases, even prevented them from paying off their own debt.
Thus, it is possible to state that the financial assistance to the children had an impact on the achievement of some objectives that these parents sought, such as carrying out a renovation or going on a trip, for example.
Although many parents find it difficult to say “no” when their children ask for some kind of help financially, experts say that supporting them constantly, from an economic point of view, can be harmful.
This is because children can get used badly and not learn to be economically responsible.
For this reason, it is crucial to teach children about economics and the importance of financial responsibility. In addition, parents should encourage their children to enter the labor market from an early age, so that they begin to pay for their own expenses.
