Over 50% Of Parents Supporting Adult Children, \ stacker news ~BooksAndArticles

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Over 50% Of Parents Supporting Adult Children,www.zerohedge.com/personal-finance/over-50-parents-supporting-adult-children-say-theyve-sacrificed-own-financial

474 sats \ 11 comments \ @unschooled 31 Mar BooksAndArticles

Two-Thirds Plan to Cut Them off in the Next 3-4 years

Half of parents with adult children provide regular financial assistance to their grown offspring. The average support per adult child is $1,474 monthly, about 6% higher than last year. 83% of supporting parents contribute to their adult kids’ monthly groceries; 65% help with cell phones, and nearly half (46%) pay for vacations. More than three-quarters (77%) of supportive parents attach conditions to their financial assistance. 23% give money without any conditions. Nearly 50 percent of parents have sacrificed their financial security to help their grown kids financially, and most supporting parents feel obligated to help their kids with money. Working parents who support grown kids contribute over 2X more money each month to their adult children than they do to retirement funds.

I find it surprising that these stats should be such a big deal. If you can support your children until they can support themselves, then you should.

In fact, in any cultures it is encouraged to stay living with parents until you are grown into maturity/marriage at a point where you've reached relative financial independence. Granted, these are, for the most part, extremely patriarchal places where, also, women are discouraged from entering the workforce, and men are, usually, the sole breadwinners. So that's just to say, other factors such as religious, familial, and cultural values are at play here.

This is a fiat problem, i do believe.

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0 sats \ 0 replies \ @SimpleStacker 31 Mar

Personally, I plan to support my kids on the important things if they need it. Like downpayment on a house, education, etc. But I also expect them to support me in my old age. I was brought up with a very family-oriented mindset, and I hope to instill the same values in my kids.

0 sats \ 0 replies \ @Satosora 31 Mar

I believe in asian culture it is typical for people to live with their parents until they get married. I lot of cultural things. USA is a bit different because by 18 you want to move out of your parents house.

0 sats \ 3 replies \ @TheWildHustle 31 Mar

My Wife's brother is the same age as me, lives in his parents basement, and gets paid under the table for working at his dads autobody shop. He has no plans to take over the shop, and without his parents assistance he would have a hard time finding/keeping a job. He plays video games all day and his mom cooks all his meals and does all the chores.

0 sats \ 2 replies \ @unschooled OP 31 Mar

I know people like this, too.

The question I have is, should his laziness become the collective responsibility to sustain? Or should it remain a private matter?

The topic is fraught with emotion and, therefore, complexity, but in short, I think doling out social security unfairly puts the burden on the taxpayer when individual families actually bear much of the responsibility.

I think it was Song who pointed out that in the past, if you disgraced your family, you got disowned. Perhaps it created a stronger incentive to take responsibility for your life.

11 sats \ 1 reply \ @TheWildHustle 31 Mar

He ought to take more responsibility for his life.

His laziness will probably continue to be a burden for his parent and the collective, a mix of both.

I think it was Song who pointed out that in the past, if you disgraced your family, you got disowned. Perhaps it created a stronger incentive to take responsibility for your life.

I think people have been de-responsiblized and satiated into being pleasure seeking npcs.....I'm thinking consequence is more of a natural state and that we shouldn't need strong incentives to have a bit of agency.

0 sats \ 0 replies \ @unschooled OP 31 Mar

His laziness will probably continue to be a burden for his parent and the collective, a mix of both.

It's a frustrating dillema.

0 sats \ 0 replies \ @TheBTCManual 31 Mar

I wish the bank of mum and dad would punt me a $1500 monthly I'd be yolo'ing them into sats MSTR style lol and pay them back every 4 years and then repeat the cycle again

0 sats \ 1 reply \ @Bitcoiner1 31 Mar

Many young adults from Venezuela living abroad, need to support their parents living in the chaotic hyperinflated economy of Venezuela.

I've meet many venezuelans earning low salaries in Europe and sending a big part of it to their parents back home.

0 sats \ 0 replies \ @TheBTCManual 31 Mar

Same here in South Africa, the "black tax" is real!

0 sats \ 1 reply \ @OT 31 Mar

I might take a different stance on it. If your kids are grown up and haven't learned how to fend for themselves I might feel like I failed as a parent.

Then again, I do plan to give most of our sats to my kids. I would prefer to give it to them after they have learned to be responsible for themselves.

I also see that other cultures have set-ups that help their kids if they want to continue their traditions. Like in Europe often they will have 3 story houses where the grandparents live on the ground floor, then parents and kids on the 2nd and 3rd. I like this idea as I get older.

0 sats \ 0 replies \ @unschooled OP 31 Mar

if they want to continue their traditions.

Yes, a strong if. It comes at the cost of maintaining social-cultural values.

But, no, probably a terrible idea and instead let's all go to learn a out equity, diversity and inclusion.