Finding Financial Balance

Finding Financial Balance
Provided by Rita Wilczek

I recently read that 47 percent of parents provide their adult children with financial support. Termed "parental patronage" by many, some parents even contribute more to their adult children than they do to their retirement accounts. For example, among parents providing financial support, the average monthly contribution towards their children is $1,384, while the average amount towards their retirement savings is $609.¹

To be clear, I firmly believe that there is a unique circumstance behind every financial decision. And I also know that it's natural for a parent to want to help their children, regardless of age. At the same time, balance is essential to maintaining financial well-being.

Whether it's preparing for retirement while financially helping one's adult children or providing guidance during volatile moments, my job is to help you strike that balance.

With that in mind, please let me know if you struggle to find balance or are having challenging financial conversations with family members. I can help prepare, moderate, or provide insights.

^{1. Savings.com, March 6, 2024. "47% of Parents Still Cover Costs For Their Adult Children."}