Today, many American parents are still supporting their adult children in meeting part of their bills and other expenses. It is perfectly normal for parents to be concerned about the wellbeing of their children. However, once a child has grown into a working adult, it might be time for parents to stop supporting their children financially and focus on their own wellbeing.
A survey conducted by Fidelity found startling conclusions among the millennial generation. The survey targeted millennials between 25 and 35 years old. It uncovered that at least 47 percent of millennials are still relying on financial support from their parents.
They reported that their parents have helped them pay some of their monthly expenses since they started living independently. Some of these expenses include cell phone bills (21 percent), clothing (16 percent), groceries (20 percent), utilities (14 percent), entertainment (14 percent) as well as mortgage and rent (12 percent).
What This Means
All the millennials surveyed by Fidelity reported an average of $9,100 in savings, a figure far above the $400 national average. This shows that millennials are more than capable of meeting all their expenses and still invest in their retirement.
Half of the people surveyed already had retirement savings and investment accounts showing that they were preparing for their future.
However, as millennials continue to save for their future, they need to consider how they are affecting their parents’ financial wellbeing. Given the low national average savings figure, parents need to invest in retirement accounts to ensure their financial sustenance in their old age.
Parents should talk to their adult children about proper financial management and responsibility.
Sam Tabar’s Career
Sam Tabar has had a widely successful career as an attorney and a hedge fund manager for top multinational financial institutions in the U.S. and Asia. He is the Chief Financial Officer of Awearable Apparel, Inc. and the Chief Operating Officer of FullCycle Energy Fund.
During his international career, Tabar became fluent in Japanese and French, on top of his native English. Tabar worked for PMA Investment Advisors in Hong Kong. At PMA, he helped develop innovative asset raising strategies that became lucrative for the Asian company.
Bloomberg published that Sam Tabar studied law at Oxford University and graduated in 2000 with both a BA and MA in law. After graduating from Oxford, Tabar attended Columbia Law School to attain his LLM. Today, he is a fully licensed attorney in the state of New York.
In 2001, Tabar secured a job at Skadden. He has also worked for Merrill Lynch as an adviser and Schulte Roth & Zabel as a senior associate. Sam Tabar is also a keen entrepreneur and philanthropist. He has invested in THINX – a startup that supports women in Asia and Africa.