Parents want what’s best for their children. Yet, what is the cost of “the best” for both parent and child?
A recent Ameriprise Financial study found the following amongst Baby Boomer Parents (born between 1946-1964)
- 55% allowed their adult children to move home rent free
- 71% paid college tuition
- 34% say that helping children has slowed down saving for retirement
- 47% are worried that their children don’t understand what it take financially to prepare for retirement
- 35% are concerned that children have not learned responsibility when it come to money
What parent isn’t willing to sacrifice for their children? No parent wants to be the “bad guy”. What may not be fully considered are the long term affects of children, into adulthood, expecting mom and dad to be their safety net, on both parent and child. How do we balance intellectual with “common sense-ical” maturing?