We understand that the cost of living is a lot higher now than when our parents were our age, but let’s not constantly rely on them for money all the time because we’re not getting any younger!
According to a recent study by HSBC, it turns out that a lot of Malaysian parents are still paying for their children who are well over the legal age, as reported by the Malay Mail
The study titled ‘The Power of Protection study, facing the future’
revealed that 57 per cent of parents
with grown-up children above 18 years old are giving them financial support on a regular basis.
HSBC reportedly conducted this among 13,122 parents across 13 countries and territories, including Malaysia. And among the 1,000 Malaysian parents who participated in the survey, a majority of them (69 per cent) provide most financial support to their children’s education.
Up to 41 per cent of parents are forking out cash to help their children with utility bills, groceries and home repairs. This most likely applies to those who are living away from their parents.
In fact, 71 per cent of Malaysian parents admitted that they would choose to pay for their children’s tertiary education over their own retirement fund. Almost half of them also said that they are currently spending less on themselves to have more for their families.
Oh, the feels! If you haven’t thanked your Mom and Dad for their sacrifices, you know what to do.
Nevertheless, there is a large group of parents (64 per cent) who believe that it is high time for their college-age children to be able to take care of themselves financially.
One out of four parents is even helping to fund their children’s travels!
Guys, why spend what we don’t have? Let’s not give people more reasons to call us ‘entitled’.
In this financial climate, parents are now taking on additional burden in order to support their adult children. However, providing this kind of support for family members can really take a toll on their finances, lifestyle and emotional wellbeing.
So as the year draws to a close, maybe it is time to focus our priorities on reducing the burden of our family members, especially our parents.
If you’re capable, find a secure job. If you’re still studying, there are so many avenues for you to earn some pocket money.
As morbid as this may sound, our parents won’t be around forever, you know?