Wednesday, November 23, 2016

"Parenting: When to Cut Off Adult Children"

This article was about millenials still living with their parents and also living off of them. The article mentions, "Nearly half of American Millenials have received some kind of financial assistance from their parents since leaving home, according to a study released last month by Fidelity Investments." It also says the most commonly bill paid by mom and dad is the cellphone and clothing. The parents may feel it's their "parent duty" but it's also disabling themselves and their pockets. So much money is going towards their "adult children", the parents aren't able to save for retirement. In a Merrill Lynch survey, it found that 60% of parents say they would continue to work longer to support their adult children. This article says parents should at least give their kids a time period of how long it'll last. Such as cutting them off, when they graduate or get a new job. Even though cutting off financial ties with their adult kids will save them money, it can help the parents at the same time. It can help because a family plan on a phone bill is cheaper than an individual plan.

The author used enlightenment and education. The author enlightened me because I am one of those "adult children" that still lives at home and still receive money from my parents. I have a job but I only work seasonally, so when I'm not taking classes. But before reading this article, I already planned on getting an on campus job in between while I'm not working at my other job. So this article was confirmation and will make me really think and consider spending my own money from now on. The author used education because there was a lot of facts thrown in there that I definitely didn't know before.

To check out this article:
The Week Magazine
Volume 16 Number 796
November 11, 2016
Page 33.

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