Making Cents on MetroFM – 2021.04.13
Parents using Debt to help their adult kids
Mary J was invited by SPHEctacula and DJ Naves to share her views on the topic of Elderly and / or Retired Parents using debt to help their Adult Kids get a kickstart in Life.
Whilst it’s a generous and loving idea to help your children by giving them a solid foundation to start their lives, it’s also important to ensure that you don’t set yourself back or enable bad behaviours as a result.
Questions explored included:
- What are the financial challenges over 60’s face when looking for debt?
- Why is their reluctance for financial institutions to offer debt to this age group?
- In an instance where the debt is for children, like buying a flat or car for them, what implications could the receiver deal with in the long term?
- Does the situation change if the elderly lender has not retire yet?