By: Krystle Crossman
Most kids used to grow up having to earn money if they wanted it. Chores would have to be done or good behaviors needed to be shown. Now it seems that kids are getting money from their parents without having to do much more than say, “I need money”. Are we raising children that are becoming too spoiled and financially dependent? There are more kids than ever that continue to live in their parents’ house after they graduate from high school and college. They have their bills paid for so that they don’t have to worry about anything. Is this the best lesson to teach them in life?
A recent study has shown that over 40% of millennials depend on some kind of financial assistance from their parents. They have their cell phone bills, car insurance, cay payments, and sometimes even rent paid for. Some students only move back to their parents’ house after they graduate because they need time to get a job that will help them to support themselves. Then there are those who were raised in a home where they were given everything on a silver platter. They are content to not even look for a job. Why would they? They have a rent free home and all of their bills are paid.
To avoid this kind of financial dependence here are some thing that you can do:
1. Make your children work for their money. They need to learn to appreciate the value of money and having them work for it is a great way to do that. They will realize how hard it is to make money and will value it more when they get it.
2. Every time you give them money make them place at least 10% in a savings account at the bank. This way they will have a small safety net when they are out on their own. They will learn how to save money instead of spending it all the moment that they get it.
3. Let them spend their money on the things that they want but remind them that they are using their own money so they need to be careful about what they buy and how much it costs.