A Bankrate survey on financial independence recently reported an alarming trend among parents with adult children. A full 50% say they have sacrificed or are sacrificing their own retirement savings in order to help their children financially. What’s more, one in five working Americans aren’t saving any money for emergency funds, retirement or other financial goals.
While most parents would do almost anything to help their children, knowing where to draw the line and when to withdraw financial support can be critical for both young adults and their parents when it comes to the pursuit of financial security and independence for both parties.
A few years ago, I met with a mother of three grown children who asked me an interesting question: How do I know when my children have found their wings? She went on to explain that several weeks prior, she had been watching a pair of cardinals from her back deck over morning coffee when she noticed they were both flying erratically from the branches of a tree toward the ground and back. Initially, she thought it was some sort of mating ritual, until she noticed a much smaller bird on the ground by the trunk of the tree that appeared unable to fly. As she moved closer to the small bird to determine if it was injured, she realized it had fallen from its nest. Not sure what to do, she grabbed her phone and searched the internet for “how to return a baby bird to its nest.” What she found surprised her.