Janice wants to teach her kids about money — but they are no longer tweens or teens. They’re adults, who have jobs and homes of their own.
Yet, they’re still struggling to make ends meet, and Janice regrets not teaching her kids about saving, investing and credit. Now she’s wondering if there’s a way to help them find solid financial footing without putting herself in a financial hole in the process.
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. The survey pointed out that younger Americans are more likely to be struggling, with 41% of those aged 18 to 35 saying they’re concerned about their ability to pay the bills compared to 22% of those over 65.
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What is financial literacy?
financially dependent. So, how can Janice help without putting herself in a financial hole? The key is education, not quick fixes.
means understanding key concepts like saving, investing, building credit, paying off debt and planning for retirement — and applying that knowledge to manage their money more effectively. Without this foundation, young adults may struggle when they strike out on their own.
— even after adjusting for inflation. These generational differences can complicate efforts by older generations to provide financial advice.
available that could help her kids track expenses, gain clarity into their spending habits and manage their money more effectively.
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How to help adult kids build financial independence
be specific terms and conditions.
. “Without boundaries, the risk of becoming your child’s economic safety net is high, which can foster dependence instead of resilience,”
He also recommended promoting accountability. For example, if Janice helps pay their rent, she should review her child’s budget to ensure they’re mindful of their expenses.
Rather than giving them money, Janice could guide her kids toward options like debt consolidation, loan refinancing or negotiating with creditors. She could also help them reassess their finances annually until they’re comfortable managing on their own. If debt management feels overwhelming — or her children don’t want to listen to mom’s advice — she could even connect them with a credit counsellor.
If Janice has already been providing financial assistance and her adult children have come to expect it, transitioning to the role of “money coach” may be necessary. This may be a difficult transition at first, but it’s an important step in fostering financial independence.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
