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How to tell your adult kids that the bank of mum and dad is closed
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Experts say it can be a long journey for parents trying to help their adult children achieve financial independence.
PHOTO: REUTERS
Martha C. White
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It starts innocently enough: a cheque to cover the rent after a job loss, an invitation to move back home after earning a degree, an offer to take over student loan payments until a new graduate can land a better-paying job.
It’s natural for parents to want to lend a hand as their children make the sometimes-bumpy transition to adulthood, especially for those whose educational or early-career trajectories were disrupted by the pandemic. But financial planners say these good intentions can all too easily spiral into dependency, creating and perpetuating expectations of ongoing support that can erode the financial security that parents spent their careers building.
