Parents sustaining their adult children

One of the barriers to financial planning is parents over-sustaining their adult children. There is a trend worldwide, on the average, that the older generations are have better economic conditions than the younger ones. As a matter of fact, this trend does not mean that older generations were wealthier than the younger generation. Although there are more job opportunities today, only the highly qualified candidates can secure them. While the older generations were able to get job with only high school diploma, getting a weel-paying job today requires college degree in some specific disciplines. That means that not all college degrees can assure you job and descent income to sustain yourself. What this trends also means is that those without college degree or with low-paying college course do not make enough for their living. As a result of this problem, many adult children live with their parents, even if they may have a higher level of education than their parents. 

     Parents should give support to their children when needed. However, over-sustaining your adult children without limit is a bad decision. This is because the adult children enter into comfort zone and do not struggle anymore. In many cases as witnessed in developing countries, adult children get married and start having children under this condition. What was to be a temporary help becomes a right. Many parents struggle with this, but do not know what to do because of the emotion involved. They generally say: "how can I send my children and grandchildren to sleep on the street"? 

     This over-dependence poses financial burden on the parents. Most of them are retired, but cannot enjoy any minute of their lives anymore. I know many retirees who spend their pension on medicines for themselves and the rest on sustaining their children and grandchildren. Their pension finish 2 days after receiving them. In some cases, the parents go back to work in order to help while their adult children cannot get regular jobs. 

     It is important for parents to understand the financial implications of over-sustaining their adult children. Although help should be given, there has to be a time limit attached to it. On the contrary, you cannot live your life. The irony is these younger ones cannot make the same sacrifice their parents are making. Look at the cars they ride, the smart phones they use, and video games they play to understand their behavior. 

     So, live your life. Do not live your life for others!