Explore how parents can provide financial support to their children while ensuring they develop the independence and skills necessary for adulthood.
While giving your kids financial support to settle into adulthood makes sense in today’s economy, it can also stand in the way of their independence.
“I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing,” said American billionaire Warren Buffett.
While most of us don’t have billions to give our kids, we can all relate to the challenge of wanting to give them a leg up without spoiling them. Of course, you want life to be easier for your kids than it was for you – isn’t that the point? And getting started in life is so much tougher than a generation ago. Everything is more expensive, from groceries to a first home to a tank of petrol.
But the Bank of Mom and Dad paving the way with easy money can quickly do more harm than good.
