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With today’s high unemployment numbers and slow economic growth, young adults face a tough financial environment. In fact, one-third of parents think they had it easier than their children. One way you can help your children maintain their financial footing in an unpredictable economy is by initiating a positive, productive conversation about money. They can benefit from hearing what you’ve learned about money and how to manage it. Use these suggestions to talk with your adult children about money and help them avoid financial mistakes.
Money can be a sensitive subject, but opening up about your own experiences can ease the tension and stimulate conversation. If it’s appropriate for your family, include your children’s partners or spouses in the discussion.
When it’s time to ask questions, focus on understanding your children’s financial goals to keep the discussion future-oriented and free of judgment.
If they are willing, you can be involved in your adult children’s planning. Guide them to take specific, concrete steps, such as:
More than 22 million adult children between the ages of 25 and 34 (often called “boomerang kids”) are living at home with their parents as a result of a tough economy. During difficult times, young adults may be especially reluctant to talk about money, but your support could be a critical resource in helping them reach their goals. Being involved will also help you be comfortable about their futures.
Remembering these guidelines may make the discussion a little easier to navigate:
Getting your children on the right financial track may be one of the greatest gifts you can give them. The first step is starting the conversation.
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Source: United States Census Bureau website, “More Young Adults are Living in Their Parents' Home, Census Bureau Reports,” 2011.
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