By Maureen Crimmins
NEW YORK (AdviceIQ) — Your financial future starts at home, especially when you begin filling that home with children. Establishing limits is part of parenthood, and your skill at teaching this lesson directly affects your quality of life in retirement.
I remember going to the grocery store when my children were little. I put them in the cart and hurried through the store to get all I needed as quickly as possible. If your store experience resembles mine, inevitably as you wait on the checkout line, the candy display comes into the focus of your chocolate-loving toddler.
Avoiding a scene at the register was forefront in my mind, as I’m sure it is in yours. What’s the harm in buying a piece of candy to keep the peace (not only for you, but for the people around you)? But my learning to say “no” taught my toddler (now a college student) that our future visits to the grocery store didn’t always mean a treat.
This lesson is valuable for children’s growth personally and financially. It’s also a hard lesson to teach and to learn.
In recent years, more than a third of the nation’s adults ages 18 to 31 lived in their parents’ home, according to a Pew Research Center analysis of U.S. Census Bureau data. This represents a steady increase over the number of same-aged adults living at home before the 2007 recession.
Even in the best of times, “parenthood doesn’t retire,” notes a recent Merrill Lynch study, Family & Retirement: The Elephant in the Room, examining the challenges of one generation supporting at least one other — often grown children.