Financial problems are compelling kids to leave parents early

By: on 2013-05-17
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Poor financial health of the parents is affecting parent-children relationships. Parents with money problems are unable to keep their children at home. Although more than 54 percent of parents opine that there's no fixed time when children should leave home, yet some are forced to leave parents due to severe financial problems.

Why kids are leaving parents early on in their lives

The economic condition of the country has not made a remarkable improvement post the Great Recession in 2007. It is true that the unemployment rate has dropped to 7.5 percent in April 2013, but this doesn't mean that people are living a luxurious life in the country. Several parents are still facing problems in managing family expenses. In fact, 26 percent of parents have been forced to incur fresh debts to meet kids' expenses. Nearly 7 percent of parents have postponed retirement just to fulfill the financial needs of their children.

Financial problems create additional mental stress upon the parents. This in turn affects the strength of parents-children relationship. The bond between the parents and children weakens as mental stress creates lots of problems in the family – fights, arguments, psychological disorder, aggression, divorce, etc. A lot of teens decide to leave parents when the monetary problems create too much stress in their life. They prefer to leave home and start earning bread and butter on their own.

Some parents are simply not able to fulfill the financial requirements of the children. As such, children are indirectly forced to do some extra tasks and earn dollars. Some are leaving home to look for jobs in order to generate cash for fulfilling their day-to-day needs.

Rising cost of education is yet another reason why kids are leaving parents early on in their lives. It has become almost impossible for several parents to pay the college tuition fees. Either parents or students have to take out educational loans to pay the college fees . In most of the cases, parents take out loans or become a co-signer on the loans to sponsor the 4 years that children spend in college campus. Students are unable to payoff the loans till they get a job. On the other hand, parents (especially on the verge of retirement) often fail to make payments on the loans due to financial constraints. As such, several students leave the shelter of their parents and try to look for jobs in order to meet their regular expenses and pay the interest rates on the loans.

Juggling part-time jobs and studies is a tough task to follow. Moreover, several students study at out-of-state colleges to finish their education. So, they’ve to leave parents and home early on their lives naturally.

However, it would be wrong to say that a huge number of children leave parents at an early age. According, to a recent poll conducted by the National Endowment for Financial Education, nearly 40 percent of the adult children between the age group of 18 and 39 live with parents. Several adult children are moving in to their parents' home as many of them are losing homes to foreclosure. They can at least save the rentals by living with their parents. As it has already been mentioned, the job market of the country is not at all in a good condition. Several graduates are yet to find suitable jobs. As such, they're opting for higher studies. They're just staying with their parents and pursuing higher studies.

Last Updated on: Fri, 17 May 2013

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