Data shows that Australian children are choosing to stay at home for longer than they used to, in order to save money on rent. In the last five years, the amount of time that mid-20 year-olds are living at home for has increased by six months.
Particularly in New South Wales, Victoria and South Australia, it’s more common to see grown-up children living with their parents, because the price of rent is often too much for them.
So what happens when it’s time for your adult child to fly the nest and get their own place? Even if they’re moving overseas for a year - whether for school or for work - how can you feel sure that you’ll be able to financially support them where necessary? This can be an anxious time for parents, so the following tips should help to alleviate some of your concerns.
Use Faster Online Money Transfer Services
Sometimes an emergency arises and parents have to come to the rescue. Bank transfers can take too long and charge a high fee, especially if your child is living abroad and you need to transfer money overseas as soon as possible.
You can now send transfers in a flash - and your money can land in an international account immediately. Get the best rates for overseas money transfer online, so you know that all of your money is going where it should go; in your child’s account, not a banker’s back pocket.
Always be on Hand to Offer Advice
No matter how old or independent your kids are, they’ll always need to consult mum and dad for advice. Let them know that you’re always available for a FaceTime, phone call or a text, so they don’t feel lost out there on their own.
Offer your expert guidance when it comes to careers, especially. This is the time for your child to learn to stand on their own two feet, and it’s your role to prepare them to take the best direction in life. After all - you don’t want to have to pay for your kids forever, though it’s good if you can be there as a supportive security blanket when things do go wrong!
It’s a good idea to set-up a savings account for your child when they’re just a few months old. You can establish a direct debit into this account for regular savings, and it’s easy to choose an amount that you won’t notice too much when it’s missing from your own account each week. Choose a milestone - 21st birthday, first home or wedding, for example - and release the funds to your child when they hit it.
Remember, an average of 75% of parents support their grown-up child financially. There’s no shame in giving a hand when they need it. Just be sure you get the balance right, so they can learn how to have financial independence, too.