Supporting Adult ChildrenSubmitted by Mission Financial Planning on April 3rd, 2020
We are excited to announce Sharon Weaver’s paper “Scaffolding or Enabling? Implications of Extended Parental Financial Support into Adulthood” has been published by the Journal of Financial Therapy.
As a Certified Financial Planner and Financial Therapist Sharon helps her clients through many financial transitions, and one of the most frequent and complicated issues she sees her clients struggle with is financial support of adult children.
She brought her expertise to the writing room and broadened her knowledge base on the subject as she worked with her co-writers, David Tenerelli, Nathan Astle, and Megan McCoy, to dig into the complexities of the topic.
"Recent decades have seen tremendous changes in the duration of time that parents offer financial support to their adult children. This paper explores the literature regarding the variations in support, the forces impacting those variations, and the effects of that support on the children's human capital and financial attainment, as well as implications for parents."
You can read the whole paper by clicking here.
Are your adult children still “on the payroll”?
Financial support can be very helpful or harmful, depending on the circumstances. Recent impacts of Covid-19 may increase the number of families supporting each other and prolong scaffolding adult children. Parental support is not always bad, it can be very helpful done right and in the right circumstances.
Would you like to look closer at your financial relationship to see if you are supporting, scaffolding, or enabling your kids? Mission Financial Planning would love to assist you.
Sharon and Jared can review your finances for signs of financial enmeshment, and Sharon can use her expertise to discuss emotionally healthy and financially beneficial ways for you to help your children grow into the next step of adulthood.