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Supporting grown kids? How to land the financial helicopter
By Kimberly Palmer | NerdWallet
Kids, it turns out, need their parents even after they’re all grown up.
About 6 in 10 parents say they’ve helped their young adult children financially within the past year, according to a report released earlier this year from the Pew Research Center. The most common forms of assistance? Household expenses, cell phone bills and subscriptions to streaming services.
“Parents have always helped their children, but one of the real questions is, ‘How much is too much?’” says Anne Lester, author of “Your Best Financial Life.” The answer, she explains, depends on how much parents can afford to help, as well as each family’s parenting values.
To navigate the challenge of helping young adults achieve financial independence, money experts suggest these strategies:
Talk about money early
Setting up young adults for self-sufficiency starts when they’re younger and still living at home, says Mindy Oglesby, certified financial planner and founder of Oglesby Wealth Strategies in Watkinsville, Georgia.