Thursday, March 30, 2023

Helping Adult Kids with $

From Morningstar:

King is part of the nearly one-third of parents with adult children who provide them with financial support, according to a Credit Karma survey of 1,008 adults in October 2022.

For many of these parents, helping their child has taken a toll. Of all the respondents who said they were financially supporting their adult children, 69% said doing so caused them personal financial stress.

The costs of charity

One of the biggest reasons people turn to their parents for financial support is suddenly losing their job. Unfortunately, in the current marketplace, job security is anything but guaranteed.

Stanford Graduate School of Business professor Jeffrey Pfeffer estimates that in 2022 alone, the biggest tech companies dismissed more than 120,000 people.

Announcements of layoffs continued in 2023. In January, Microsoft (MSFT) said it would lay off 10,000 workers and Amazon (AMZN) has announced it will cut 18,000 jobs, the largest layoff in the company's history.

Read more here.

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