Are you guilty of being on of those so-called helicopter parents? If so, have you considered how your parenting style will affect the finances of your children?
If you’re unfamiliar with the term, according to Wikipedia, a helicopter parent “…is a parent who pays extremely close attention to a child’s or children’s experiences and problems, particularly at educational institutions. Helicopter parents are so named because, like helicopters, they hover overhead, overseeing their child’s life.”
Did you know that being a helicopter parent can negatively affect your child’s financial future?
Helicopter parenting is becoming more common, but it can have serious and unintended consequences on your children’s financial life.
1. Understanding helicopter parenting.
Helicopter parenting requires you to be extremely involved in every aspect of your child’s life.
2. Inability to make decisions on their own.
Studies show that the children of helicopter parents often lack self-confidence and struggle with decisions. They rely on their parents for help with every decision. This affects being able to handle their finances and their ability to invest.
3. They don’t learn how to handle basic personal finance tasks.
Does your child understand how to manage a checkbook or write a check? Can your child keep track of spending on a budget?
4. They lack financial responsibility.
Helicopter parents often have children who are financially irresponsible.
5. They may ask you to finance their luxury lifestyle.
Helicopter parenting can make children grow accustomed to luxury lifestyles and having all of their needs met. They often continue to ask their parents to finance these lifestyles as an adult.
6. They remain financially dependent on their parents.
Studies show that the children of helicopter parents are also more likely to go home after college without a job or any future plans. They continue to depend on their parents for money and every aspect of their lifestyle.
If you’re guilty of helicopter parenting, it’s important to be aware of these consequences and encourage your child’s financial learning and independence.
Otherwise, you may be stuck taking care of your children’s finances for years after they become adults.
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