Parental tough love on dating teens
Given the tough economy for young adults, you may think you'll be paying for your kids forever.
These strategies will help you launch them on the path to independence without risking your own financial security.
In what feels like a blink, an era of extended child dependency has taken root across the country.
Psychologists have a name for it: emerging adulthood, a new and possibly permanent life phase squeezed between the teen years and, say, 28 or 30. Most parents with one eye on retirement just want to know: Will we be paying for our kids forever? Still, if you are wearying of the endless dry-cleaning, cellphone, and insurance bills that your adult children are sending your way and you want to accelerate their launch, you may have to offer tough love instead of hard cash.
You could argue we institutionalized this life phase in 2010, when the Affordable Care Act required employers to cover children’s health care to age 26.“It’s not at the margins,” says Ken Dychtwald, CEO of Age Wave, a consultant on the aging population.“It’s kind of everybody.” The statistics raise many questions.Whatever the reasons, the fact is that these young adults are costing their parents a lot of money.A MONEY survey earlier this year found that 30% of parents helping to support grown children spend at least ,000 a year on their kids.
Steve and Darlene Goldstein could be on a crash course to a difficult reckoning.