How to close the Bank of Mom and Dad

My middle child frequently tells me and my husband that she doesn’t want to grow up and wants to live with us forever. It’s sweet that she says this now because she’s just 9 years old. But if she’s saying that when she’s 19, we have a problem.

As a parent, I provide for my children, but I don’t plan to support them forever. I expect them to be self-sufficient once they’re working adults.

Plenty of parents continue to help out their adult children financially, however. A survey by LIMRA Secure Retirement Institute found that six in 10 parents provide financial support to their adult children. They help their kids pay for rent, cell phone service, student loan debt, credit card debt and even entertainment expenses.

“It’s natural for parents to want to support their children, but you want to help your child find a solution to their financial challenges not just be the person who writes the checks,” said Andrea Johnson, vice president and head of U.S. financial education for TD Bank.

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