Adult children are remaining at home for longer. Here are 11 things they can do to gain financial independence
One of the toughest issues parents find themselves dealing with in today’s world is children living at home into their 20s and sometimes – heaven forbid – beyond. While the companionship of still-living-at-home-children/kids
(SLACKs) can be heartwarming, it’s hard not to think that somehow these children are refusing to face the real world and all the financial responsibilities that entails.
Last year’s census showed that between 2011 and 2016 the proportion of 20- to 24-year-olds living with their parents grew from 41.4% to 43.4%. For 25- to 29-year-olds, the jump was from 15.7% to 17%. It is a trend that is hard to ignore and one that shows no sign of changing, certainly while house prices keep heading north.
Several years ago, the author Robyn Hartley wrote the following for the Australian Institute of Family Studies about the trend: “Young people leave home willingly or reluctantly. They leave with confidence, hope and a sense of adventure. They leave with trepidation and anxiety, in fear, disgrace and despair. They may be encouraged out, helped out, pushed out, run out. They may be clung to, cried over, exhorted to stay. When the young leave, parents sigh with relief, weep for the loss, fear the worst, hope for the best.”
One of the greatest gifts that parents can give young adults who live at home is to encourage (implore? exhort? demand?) them to learn some financial and life skills to prepare them for the inevitable time when they move into their own accommodation.
Gaining such skills improves their chances of attaining financial independence and success. Instead of the children leaving home with trepidation, they will depart with a keen eye and enthusiasm for their financial future. Their future husbands/wives/partners will thank you for it.
1 WORKING (AT LEAST PART TIME)
هذه القصة مأخوذة من طبعة May 2018 من Money Magazine Australia.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة May 2018 من Money Magazine Australia.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
An outrageous, beautiful monopoly
Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.
Drop the anchor to judge value
Buying and selling decisions should be based on where a stock price is going, not where it has been.
Powering the AI boom
Beyond the software and chipmakers, where will the energy come from?
Get into life
Tucked inside super are products that can protect you from life's inevitable uncertainties.
Paths to home ownership
Taking the road less travelled can sometimes deliver unexpected benefits.
Sold! Quick ways to add value
Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.
Money lessons the kids need to know
Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.
Property-investing rules: are they likely to change?
The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.
What's love got to do with it?
A rollercoaster of emotions could be driving poor crypto behaviour.
Are we ready to be cash-free?
Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.
