4 Ways to Empower Adult Children's Financial Independence

mom and daughter saving coins together

A recent Bankrate survey showed that 68% of parents are helping to support an adult child. Those parents often sacrifice their long-term financial stability to help their kids.

Here are four tips from Bank of America to help your kids reach financial independence.

  1. Show your kids how to develop and stick to a budget.
  2. Explain that they shouldn't take on new debt but focus on paying down existing debt. Discuss which expenses they can trim or eliminate to put the money toward their debt.
  3. Discuss career goals and income plans and encourage them to take a part-time job or internship to help them build their skills and resume.
  4. If they're living at home, outline your expectations. Will they contribute to household expenses, do certain chores, or accept special projects to help?