For many millennials, the question of whether to financially support their children into adulthood isn’t just about money, but about whether they want to repeat the experiences they had growing up, when many young adults were expected to pay for college, move out at 18 and figure things out on their own.
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The overwhelming response was yes.
Many commenters said their own experiences shaped how they plan to parent and it seems that millennials don’t want their children to face the same financial struggles they experienced.
Others shared similar stories of receiving little support from their own parents after turning 18, including taking on large student loans, being pushed out of the house or being denied help during difficult financial periods.
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At the same time, many openly acknowledged that financial help from parents had played a major role in their own success.
“My parents paid for my undergrad in full, and what was leftover was mine for a wedding and house down payment,” one person wrote. “I intend to do at least the same for my own son.”
Others said support doesn’t necessarily mean writing checks. Many plan to allow their children to live at home while attending school, learning a trade or saving for a home.
The conversation also showed how views on families living together are changing. Many people said expecting kids to move out at 18 just isn’t realistic anymore because housing and everyday expenses are so expensive.
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Not Everyone Can Afford To Help
While most parents said they want to provide support, many admitted they aren’t sure they will have the financial resources.
“Things are so tight I can barely save for retirement or invest or do anything positive financially,” one commenter summed up the challenge facing many millennial families. “My parents had me on a 529 and I haven’t put any in my kids’ since I opened the account.”
“I hope we can but at the rate things are going, it’s not looking promising,” another wrote.
Even among those facing financial difficulties, many said they still plan to offer what they can.
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