Episode 208: How To Stop Financially Supporting Your Adult Children

Melissa Joy explores a significant yet often overlooked trend: the increasing dependence of adult children on their parents for financial support. Drawing from a recent Credit Karma survey, which reveals that one-third of American adults rely on parental financial assistance, Melissa delves into the problems this trend can cause for parents while also providing practical measures to promote financial independence within families.

Listen and Learn:

Proactive ways to prepare your kids to support themselvesWhat to do when you're ready to reduce your financial supportHow to manage if you are overcommitted & need to cut the financial cord now

Resources:

Read: These Families Are Shutting Down the Bank of Mom and DadRead: Nearly One-Third of American Adults Rely on Their Parents for Financial Support Read: The 3 Money Conversations to Have With Your KidsListen: Women’s Money Wisdom Ep 161: Teaching Teens the Value of Money

Links are being provided for information purposes only. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Pearl Planning cannot guarantee that the information herein is accurate, complete, or timely. Pearl Planning makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning financial advisors do not render advice on tax matters. You should discuss any tax matters with the appropriate professional.

Data Sources: Capital Group, RIMES, Standard & Poor's.