Millennials are having a hard time getting on their feet in this current economic environment, and many of them are moving back home to live with their parents. The parents of these adult children often have to wonder if their continued financial support is harming their children’s ability to learn to be more self-sufficient. This article provides some tips that parents can follow to teach their adult children how to become financially independent. Parents should help support their children, but they should not act like permanent ATMs. It is important for children to appreciate the value of money and to learn responsible money management skills. Open communication is very important for parents that want to teach their children smarter spending habits.
See Andrea Woroch, How to Stop Bankrolling Your Grown Kid, Next Avenue, December 17, 2015.
