Parent Trap

Are Your Adult Kids Still Reliant on the Bank of Mum and Dad?

As parents, it is only natural to want to help your kids out as much as you can. But should you still be paying for them when they are adults?

International surveys have found that many parents still pick up the bill for their children for years after they turn 18. One Canadian study found that 74% of parents there continue to help their adult offspring out financially, with 84% of those contributing towards living expenses, and 70% paying off their debts for them.

While it is great to be able to help out if you can, there are pitfalls that come with funding your children once they are grown up. These include: