A growing trend in recent years is of children returning home after college and staying with their parents. They are called the “Boomerang Generation.” While the parents are happy to have their children back it does add to the expenses of the family and that needs to be looked at.
From the perspective of the Boomerang generation staying with parents is an advantage as they do not have to pay the rent and their meals will be taken care off. It gives them the opportunity to further their prospects either by studying further or learning other skills. Some of them actually start saving for their retirement. But many of them do does not attempt to take up any job as their basic needs are met and this does not augur well for the family.
What should be done?
The solution is not as simple as it appears because emotions are involved. Parents are often caught in a web of emotions and finances unable to say, “no“ to their kids nor being able to convince them to contribute to the family expenses in some form. But for the wellbeing of all involved, this needs to change.
Parents must talk to their kids about their long-term goals-
- what do they plan to do in the future?
- How do they plan to supplement their income?
- How long do they plan to stay with the parents and so on?
At the same time, parents must talk to the children about their financial goals and how they plan to save for their future. One interesting piece of advice would be to invest in a small way in the cryptocurrency world through a trading robot like the QProfit System. Of course, they must proceed with caution and only when the question, “Is it Safe?” is answered should they proceed.
Ask for rent
While it might appear inhuman to ask your own children for rent, it will instill a sense of purpose in them and will motivate them to start looking at options to get a job and earn some income.
Plan a financial goal
There are still several households where the parents help with the basic expenses and bills. As a parent it is your responsibility to ensure your children learn the importance of savings and have a visible goal ahead. Sit down with them and plan the expenses and savings.
It is only when you teach your kids to be financially independent can they hope to have a future that is debt free and financially stable in their old age.