SPENDING $38,000 A YEAR ON OUR ADULT CHILDREN
By John Ingrisano
Director, Family Finance Conference Center
Adult children are expensive … really expensive. If you think your financial obligations to your children end upon their graduation, you may want to think again. Sometimes the costs get even higher than when they were young. In fact, the following just blew me away.
In his book, Grown Up Digital (2009), Don Tapscott reports: “Including school expenses, the average American receives $38,000 a year from her or his parents between the ages of 18 and 34.” That adds up to more than $600,000.
What to do: Yes, help your children as you can and wish. However, continue to prepare for and protect your own financial security. Also, if you’re shelling out big bucks to help your adult children, maybe there’s small comfort in knowing that you’re not alone.
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