“Helicopter Parenting” has become a norm, which can delay adult children taking responsibility for themselves. More colleges staff are now sponsoring a PTA-like “College Parent Groups”. Adult children can also tie themselves to mom and dad; some request editorial advice on college papers through Google Documents. And, as no parent wants their child to suffer, parents lend their support. But, at what cost?
50 percent of Americans say they have sacrificed or are sacrificing their own retirement savings in order to help their adult children financially
So, why are parents taking such financial risks? As Mark Hamrick, Bankrate’s senior economic analyst, hypothesizes that parents are paying bills longer as:
…the ironic, unintended expense of people staying in school [college] longer. The way young people come of age has changed somewhat over the past 50 years or even longer — there’s no longer a sense of immediate need for young people to enter the workforce, even on a part-time basis.
And, Mr. Hamrick may be right as Nigel Chiwaya of NBC News reported, the number of parents and grandparents taking student loan debt has doubled between 2007-2017, especially as college costs continue rising:
So, while a “tough love” approach and seeing your child struggle is never easy, when will parents say, “When”?