Lessons learned from "The Nest"

We told you about an Australian reality show called “The Nest” that dealt with the issue of adult children living at home.

With the show having wrapped, the show’s financial expert has written an article sharing his thoughts on some of the lessons to be learned from the show. Here’s an excerpt:

One of the main reasons adult children continue to live at home is that it gives them a leg-up financially.

Yet none of the adult children on The Nest, including those in their late 20s, were any better off for all the benefits of being subsidised by their parents. Living at home had not made them better money managers. Quite the reverse.

Most had credit card debts. None had any savings to speak of.

Here’s the rub: letting them stay in the parental pad long after their education commitments had finished had hurt them more than it had helped them.

It was clear that the parents were killing their kids with kindness.

In our book, we discuss strategies for setting up financial arrangements that work for all members of your household, including any adult children who may be living at home, so that no on bears too much of a burden and everyone learns about responsibility. You can find our tips here.