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
We all want our kids to live long, healthy lives, which is why child life insurance may not feel like a top priority. It’s worth considering, though, as it can lock in low rates and act as an investment vehicle for your children.
Learn more about this type of life insurance, and find out if it’s the right choice for your family.
What is child life insurance?
Child life insurance covers the life of a minor and is typically purchased by a parent or grandparent.
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.
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