Live And Learn
Money Magazine Australia|May 2018

Adult children are remaining at home for longer. Here are 11 things they can do to gain financial independence

Alex Moffatt
Live And Learn

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)

Esta historia es de la edición May 2018 de Money Magazine Australia.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

Esta historia es de la edición May 2018 de Money Magazine Australia.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

MÁS HISTORIAS DE MONEY MAGAZINE AUSTRALIAVer todo
An outrageous, beautiful monopoly
Money Magazine Australia

An outrageous, beautiful monopoly

Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.

time-read
4 minutos  |
July 2024
Drop the anchor to judge value
Money Magazine Australia

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.

time-read
3 minutos  |
July 2024
Powering the AI boom
Money Magazine Australia

Powering the AI boom

Beyond the software and chipmakers, where will the energy come from?

time-read
3 minutos  |
July 2024
Get into life
Money Magazine Australia

Get into life

Tucked inside super are products that can protect you from life's inevitable uncertainties.

time-read
5 minutos  |
July 2024
Paths to home ownership
Money Magazine Australia

Paths to home ownership

Taking the road less travelled can sometimes deliver unexpected benefits.

time-read
5 minutos  |
July 2024
Sold! Quick ways to add value
Money Magazine Australia

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.

time-read
5 minutos  |
July 2024
Money lessons the kids need to know
Money Magazine Australia

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.

time-read
4 minutos  |
July 2024
Property-investing rules: are they likely to change?
Money Magazine Australia

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.

time-read
3 minutos  |
July 2024
What's love got to do with it?
Money Magazine Australia

What's love got to do with it?

A rollercoaster of emotions could be driving poor crypto behaviour.

time-read
3 minutos  |
July 2024
Are we ready to be cash-free?
Money Magazine Australia

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.

time-read
2 minutos  |
July 2024