When adult children need financial help …
August 22, 2008
Should parents bail out their adult children?
I don’t mean bail out in jail terms, but in terms of providing monetary help.
It’s an interesting question and one that comes along with implications, especially for older parents who may be on a slippery financial slope.
More and more senior citizens are struggling financially these days. That means that parents may not have the money to help their grown children.
Of course this doesn’t mean these parents won’t help their children anyway. Unfortunately many older folks will help even if it is detrimental to their own situation.
There are some things adult parents should consider before they help their grown children.
Can you afford it? If you give your child the money, is it going to have negative consequences for you? Don’t just think in the short-term, look to the future as well. You should not jeopardize your well being.
What are the circumstances surrounding the adult child’s situation? Did something happen that was beyond his or her control, or did carelessness or blatant disregard lead to the financial setback?
Is this a one-time situation or a pattern? There is a line between helping your adult child out of an unexpected jam rather than enabling them to continue down a path of reckless spending.
It is understandable that parents would help their adult children in certain circumstances, especially if grandchildren could be affected by their parents’ actions. However, if irresponsibility or a pattern of bad behavior has led to financial problems, the parents should recommend their child seek help outside of the family such as with a credit counseling service or mental health services, if necessary. It is important for adults to take responsibility for themselves and work to get into a position where they are financially stable and self-sufficient.
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