Experts say parents can take several steps to help their adult children become more financially independent. Here's a breakdown.
In theory, parents teach their children the skills to become self-reliant adults, but a new study suggests that’s not happening in practice.of 2,008 adults between 18 and 42, more than half said they were still financially dependent on their parents—and two-thirds of those surveyed "felt ashamed of having to ask for financial help."
According to the study, 61% of zoomers and 47% of millennials still felt financially dependent on their parents. And, the study participants said they struggled with "impulse spending." Some 57% said they had "a hard time saying no to themselves…for something they want but don’t need." "It's really important to create a plan together to step down their support over a period of time so that they can prepare for it little by little instead of saying all right, ‘you're on your own, get out.’ I think it's healthier for your relationship," she said.Seek outside help, if necessary
Why are young adults at such loose ends? According to the Experian survey, 37% of participants reported that their parents didn’t teach them about money matters, and 44% said their parents had bad spending habits.
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