A new poll by the Pew Research Center reveals that the age at which children should be financially independent, according to parents, has crept up over the past decade. In 1993, 80 percent of parents said children should be independent by age 22. But in the new poll, only 67 percent of parents agreed with that assessment.
Parents of young adults were even more lenient, with just 46 percent going along with the 22-year milestone. But 51 percent said they don’t need to be independent until 25 or older.
Not everyone thinks it’s a good idea to help out grown children. Andrew Hallam believes parents who help their kids financially actually hinder their growth. From a teacher’s salary, Hallam amassed a million dollars by the time he turned age 38. He reveals his experiences in the first chapter of his book, “Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School.” He devotes the rest of the book to sharing his secrets for building wealth.