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But your kids asking for financial assistance doesnt always mean you should give it.
Heres a look at how much Gen Z asks for andwhen parents should consider cutting off their children financially.
To make it worse, 57% of Gen Z dont have even athree-month emergency fund.
Todays young adults face financial issues that make it challenging to save money or attempt to get ahead.
Many are relying on their families to make it through challenging times.
These economic challenges are forcing young adults to rely on assistance for longer than they may want to.
But the underlying economic outlook is certainly a challenge for Gen Zers.
The younger generation has grown up connected to social media and friends, where they may view unrealistic expectations.
Gen Z has grown up with social media, and their financial behaviors reflect that, noted Benson.
That balance will be unique toevery parent-child relationship.
Dont ignore the role of personal circumstances in making your financial decisions every family dynamic is unique.
Or you may simply have themeans and desireto help your child when theyre going through a difficult time financially.
When Should Parents Cut Off Financial Support?
While every family relationship is unique, some techniques are helpful when it comes to cutting off financial support.
You dont want them to rely on you longer than necessary.
Give your children the resources to learn aboutmoney managementbasics and encourage them to seek information on their own.
You may also want to set up a timeline, so they know when to stop relying on support.
Ensuring a stable retirement should be a priority to avoid becoming financially dependent on their children later in life.
Dont compromise your lifestyle inretirementbecause you supported your adult children longer than you should have.
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