Parents fed up of supporting their offspring well into adulthood have revealed how they finally got them to move out or start paying their own way.
The current economic climate means that many children are being financially supported for much longer than previous generations.
One recent study from USA Today found that more than half of parents still offer financial support to their adult children up to the age of 40 – giving away $718 a month on average.
Meanwhile a Bankrate survey found almost 70 percent of parents said they are currently making some sacrifice to help their child financially.
But for Nancy Clark, once her son Reid hit 28 it was time to consider cutting the cord.
Nancy Clark and her son Reid came to an agreement when he was 28 that he should move out within the year
Ashley Kaufman (center) was told by her parents that she could stay with them until she saved up a $100,000 down payment for a house
‘I know that becoming financially independent needs to feel a little painful,’ she told the Wall Street Journal.
The two had discussed moving out before, but it was over dinner in June 2022 that she gave him a deadline of one year to find a new place.
They set a date and Reid packed up his job at his family’s New Hampshire ice cream shops to move to St Paul. Minnesota where he works as a hockey team mascot along side a role at the M&M store.
At first his mom bought groceries when he first moved out and still slips him the odd $50, but Reid has stopped relying on her.
‘I want to chart my own path in life,’ he told the WSJ.
Around 20 per cent of men and 12 percent of women between 25 and 34 years old lived at home last year, according to Census Bureau data.
This was the case with the Kaufman family’s daughter Ashley, who was told she would need to leave their Manhattan apartment once she had saved $100,000 for a down payment on a home.
She hit the goal at 25 but was still nervous to leave, worried she would miss out on time with her siblings and the family’s pets. Her parents encouraged her to look for her own place anyway.
Some 65 percent of parents still provide their children with money, according to a USA Today survey of parents with offspring aged between 22 and 40
One recent study from USA Today found that more than half of parents still offer financial support to their adult children up to the age of 40
And just two short years later she is happily ensconced in her own apartment.
‘I’m glad my parents gave me a little nudge,’ she said.
The pandemic exacerbated many of the challenges young people face when trying to strike out on their own.
Plus the spiraling cost of food and rent these days means that many remain trapped in their family home.
But Pam Lucina, 52, recalls facing similar problems when her parents first cut the purse strings.
She graduated with $40,000 of student debt after choosing a pricey grad school she assumed her parents would foot the bill for.
The decision meant she couldn’t contribute to her 401(k) for five years and informed her decision to become a financial adviser.
‘I know that my parents sacrificed to give me what they did and I’m grateful for all of their past support but I wish I had been more prepared,’ she told the WSJ.
Wealth strategies adviser at Bank of America Private Bank Rocky Fittizzi told the outlet that a ‘gradual approach’ can work best.
‘Framing the conversation around gaining financial independence gives it a positive spin. Telling your children you’re cutting them off suggests it is a punishment,’ he said.
|Average dollars provided per month