May 8, 2021

Adult

Parents are sacrificing financial wellness to support adult children

Oliver Rossi | DigitalVision | Getty Images

Many American parents are financially supporting their adult children at the expense of their own financial wellness.

Almost half, or 45%, of parents with adult offspring have given their children money during the coronavirus pandemic and of those 79% said the funds would have otherwise gone towards their own personal finances, a survey from CreditCards.com found.

It wasn’t just chump change, either. Those with an annual household income of less than $40,000 gave an average of $1,403, while those with a household income of $40,000 to $80,000 gave $2,170 on average. Parents who

Read More

TikTok Is the Place To Go for Financial Advice If You’re a Young Adult

TikTok is the place to go for new dances, viral taco recipes—and, now, financial advice.

The big benefit of TikTok is that it allows users to dole out and obtain information in short, easily digestible video bites, also called TikToks. And that can make unfamiliar, complex topics, such as those related to personal finance and investing, more palatable to a younger audience.

But can TikTok users, many of whom are in their teens, 20s or early 30s, trust the financial advice that is increasingly being offered on the social-media platform?

That advice runs the gamut, from general information about home

Read More

How Retirees Can Say ‘No’ When Adult Children Ask for Financial Help

In a recent column, you talked about the possible pitfalls in retirement of giving financial help to adult children and family members. My question: How do you say “no”? I think refusing a request is difficult for most parents.

It is. And I’m a case in point.

In recent years, my wife and I have helped several family members with financial problems. In most instances, we were happy to step up. It feels good, obviously, to help someone you love. And, as we get older, it’s nice to know that we’re still needed. Even if that need involves cash.

But

Read More