Empowering Financial Independence for Adult Children

Money Monday: Jini Thornton — Source: R1 Digital / other

Navigating the financial dynamics of supporting adult children can be tricky. Financial expert Jini Thornton shared insights on “Get Up! Mornings with Erica Campbell” during Money Monday, providing practical advice for parents looking to foster independence while setting healthy financial boundaries.

Thornton emphasized the importance of thinking before saying “yes” to financial help. When adult children face challenges, parents often rush to the rescue. However, Thornton urges parents to consider three critical impacts before offering financial support:

Impact on their finances: Assess how helping will affect your budget or long-term financial plans, such as retirement.
Impact on the relationship: Reflect on whether constant help might create dependency.
Lost lessons: Each bailout can rob children of valuable financial problem-solving skills.

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She shared a compelling statistic that over 25% of parents now assist adult children up to age 33. While helping with a phone bill or rent may seem harmless, Thornton highlights how it can snowball, leaving parents unable to retire comfortably.

To strike the right balance, Thornton recommends parents set clear boundaries. Start by understanding your financial capabilities and establishing limits. Clear communication is key—encourage children to approach you with solutions, not just problems. For example, if they need help with rent, ask them to propose how they’ll budget better moving forward.

Lastly, Thornton advises parents to recognize that the parent-child relationship evolves over time. By fostering independence, you’re teaching financial discipline and resilience—critical life skills.

For more expert advice, visit Thornton’s website, ThankMeLaterMoney.com, where parents can access tools like her book End Parent Payroll. Remember, empowering your adult children financially isn’t just about saying “no”—it’s about teaching them to build a stable future.

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The article ‘Empowering Financial Independence for Adult Children‘ was created with the help of Jasper.AI

Empowering Financial Independence for Adult Children was originally published on getuperica.com