Having the talk with your adult children
Are your grown children struggling to gain financial independence? To help them get on solid ground, start talking with them about their finances and the importance of planning.
According to a 2011 survey from the National Endowment for Financial Education (NEFE), 59% of parents of U.S. adults aged 18 to 39 who are not students have provided financial assistance to their adult children. In addition,
Many parents who are helping support an adult child understand the realities of today’s challenging economy and limited job offers—especially for those entering the workforce. In the NEFE survey, one in three parents with adult children said their own generation had it easier than their children’s generation. And 37% of those who helped their children said they have had financial difficulties in the past and do not want to see their children struggle in the same way.
If your grown child is going through a lean period, help him or her gain financial footing by starting positive conversations about money and how to manage it. Here are some tips to get you started.
Set the stage for a positive discussion
Before you broach your child’s financial situation:
Share your own experiences
Encouraging your child to be forthcoming about his or her finances may mean opening up about your own money situation. Consider talking about:
One in three parents of adult children said that their own generation had it easier than their children’s generation.
Make a plan together
After discussing your child’s financial situation, work out a plan for him or her to:
As you talk through the details, remember that you are helping your child build a foundation for a more financially secure life.
Learn more about helping your adult child invest. For complimentary investment guidance, call us 24 hours a day, 7 days a week at 1-800-233-6370.