Julia Carpenter
speaker
3,850 appearances
71 recordings
1 series
first heard Oct 2019
last heard Sep 2024
Julia Carpenter’s voice in public audio — every appearance, attributed to the second.
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I was looking at some data that shows that help was typically concentrated between the ages of 25 to 35 in years past.
It's now starting when a child leaves school and then extending well into the grandchild's life.
Even older, 40s and 50s.
It happens around big life milestones.
And it's not necessarily always the children asking.
Sometimes the parents take the initiative to gift the money or to lend a helping hand ahead of time.
But it's around really expensive events like weddings, buying a house, like I mentioned earlier, recovering from job loss or some other financial emergency.
But also we're seeing more and more that people will help once a grandchild comes along, paying for the grandchild's school, paying for daycare, these other things that make that much more expensive.
I spoke with a financial advisor who said that too often she sees parents not consider the financial effects that they will face, sacrificing on behalf of their children or making a mistake and pulling from their retirement or pulling from another bucket of money that's really crucial for the parents and their financial security.
Also, though, the same financial advisor mentioned that too often the children accept the money or the parents give the money without thinking about the long-term effects it could have on their relationship.
The problem with these financial transfers is that they can lend a transactional nature to the relationship.
So I'm thinking about a parent who gives a certain amount of money to their adult child and the implication is, okay, you're going to visit me more, right?
Or as this financial advisor was telling me, you're going to take care of me when I'm old, right?
I'm giving you this money.
I'm sacrificing my current financial security.
That means that's now on you and you're responsible for my later financial security.
One of the things children can do is begin to count on that money.
Your parents give to you an amount of money every few years once you're out of school, and then one year that money doesn't come.
Oh no, you've built your entire budget around receiving that money.
What's going to happen then?
Showing 261–280 of 3,850 · page 14 of 193
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