Modern Parenting: A Financial Journey
How much can you expect to spend on your children once the graduate from high school?
The beginning of the year is a popular time for parents and families to take stock of their spending and their saving. Raising children is a rewarding – but expensive – journey, after all, and strategic financial planning can ease the bumps and unexpected twists in the road.
Merrill Lynch has explored the many challenges on the financial side of parenting, from dealing with the expenses of a new child to educating children about money and financial responsibility to managing outlays to adult children. One of the most interesting findings we read: did you know that parents spend $500 billion annually to support their adult children? And that figure doesn’t include big ticket items, like help paying for a wedding.
The lesson? Parents must pay close attention to financial matters and planning from the start of the parenting journey. Click here to download this white paper, available to MSCI members, which offers a Financial Action Plan for parents.