‘Boomerang children’ are a newer part of the financial planning conversation

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Child,Parent,Independence

Adult kids who return home a few times impact family relationship dynamics, their parents’ retirement planning and estate planning

Andrew Auerbach and Jean Blacklock are contributing columnists for The Globe and Mail. They are co-founders of Delisle Advisory Group, an independent wealth-management company serving high-net-worth families.

At first glance, the census may seem like a cure for insomnia. But beneath its columns of statistics and dry commentary, the census, issued every five years, reveals fascinating trends and indicators across all aspects of our lives. We can look all the way back to 1911 to see this topic discussed. “We have seen that independence is not reached until young people are well into their nineteenth year, and if the tendency of the last generation continues, they will in comparatively few years still be dependent on parents when reaching their twenties.”

We have seen many situations where parents and adult children live together with the parents, sometimes providing additional financial support, and reporting helpful, supportive, and mutually beneficial relationships. These families’ successful arrangements usually reflect open communication about mutual expectations and boundaries, and paying attention to the details regarding financial assistance.

Child Parent Independence Census Home Support Age Globe Temple University North America

 

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