I know opinions on this vary a lot depending on the country and culture, so I’m curious what others think. Personally, I have a 22-year-old son. I bought him a house and a car, I pay for his university tuition (his grades are high enough for a state-subsidized spot, but we feel that should go to someone more in need), and I basically support him fully. We want him to focus on his studies and enjoy this stage of his life. He will finish his dentistry degree in 2028, and then we plan to finance the opening of his private practice. We’ll stop providing financial support once he’s earning enough to live comfortably on his own. I see many parents online (especially in North America) talking about kids moving out at 18, paying rent to live at home, and covering their own bills, and it honestly shocks me. That feels unfathomable to me. I believe that as parents, we have a duty to give our children a good life since we brought them into this world.
WOW! Buying your son a house and a car is extremely generous. Financing his education is beyond kind. I personally would be concerned about your son’s ability to manage money once he is on his own. I don’t think you’re doing him a lot of favors in that department. I think sitting him down and discussing how to budget, what a mortgage is, personal loans, and how credit cards work would go a very long way. Also discussing why you budget and don’t live at the edge of your means is important too - too many people who make good money do this and end up in debt forever. My experience when I was 18 was learning to manage money with my parents help came with a lot of life-long lessons. I got a credit card and they didn’t just pay it for whatever I put on it. I remember getting in a lot of trouble once for putting restaurant dinners and expensive clothing store purchases on it. After my parents got the bill for the month, we had a long conversation of needs versus wants. I never ran that card up like that again because I was informed that I would be paying it off with my minimum wage job. From then on it was groceries and maybe dinner out once a week. I also had a summer job and lived in an apartment with a roommate. Boy does that give you some perspective on money and struggled of others when parents are not just paying for it all. Adult children should never assume mom and dad are paying if they mess up. Life can change in the blink of an eye, and I personally feel it is important to be as self-sufficient as possible and prepared for the worst financially.