Parents relying on kids to pay their way
August 12, 2009
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There is a new study that was just released that looks at the effect of parents relying on their children for financial support.
They suggest parents who count on money from their children could actually harm their adult kids’ financial well-being, perpetuating a cycle of poverty.
“One of the best ways to get yourself out of poverty is to get an education, acquire skills to get the better job and experience some type of mobility,” said Krista Kay Payne, the lead author of the study.
“The young adult child isn’t paying rent on their own and is getting some help from parents by co-residing, but we’re hypothesizing that they feel they have to contribute to the household so they can’t use the money to get more education.”
It’s worth the read, especially because I’m featured in the article!
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Adam Goodman is the author of Following The Goods Financial Management for the Young and Ambitious. Throughout his life, Adam never took ownership of his financial knowledge and no one ever sat down with him to explain what it meant to plan for his financial future. Luckily, while at business school, Adam finally learned how to be smart about financial management and he is here to share what he has learned along his journey with you.
Adam's past experience includes owning and operating his own consulting firm, as well as working as a Consultant with Deloitte & Touche. Adam is currently in a sales and marketing role in the telecom industry.
