Adult Children and Money: A Psychological Perspective

Gallo, Eileen F.
October 2002
Journal of Financial Planning;Oct2002, Vol. 15 Issue 10, p42
Academic Journal
This article focuses on perspective of financial planners to help adult children become financially independent. The transition from childhood to adulthood has been lengthening during the last half of the 20th century. In 1950, children moved relatively quickly from adolescence into adult responsibilities. Today, a high school graduate can expect little more than a minimum-wage job with few opportunities for promotion. Full-time college students are often faced with reductions in class schedules that result in it taking five or even six years to graduate. If the incremental benefits of shifting from children's to adult roles are not sufficiently high, there is less incentive to take the risks of moving from familiar childhood roles to unfamiliar adult ones. Listening is more important than talking. Offer advice rather than directions; help them build self-confidence by letting them make decisions and take charge of their lives.


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