Bohemia, NY (PRWEB) November 22, 2013
Hobart Financial Group, a leading North Carolina retirement planning company, announces that its CEO, Chris Hobart, was featured in an October 21st CNBC article regarding the financial burden of adult children and the strain they put on many couples’ finances.
According to the CNBC article titled “When adult children return to the nest,” many parents often find themselves taking care of their children after graduating college. Because the job market is unreliable, many college graduates go back to living with their parents and rely on their parents for money. For many couples trying to retire, adult children present a large financial burden.
The article says that a Pew Research Center report found that the amount of adults from ages 18-31 that live in their parents’ home increased 4 percent over the last 5 years. This marks the most significant rise in four decades.
In the article, Chris Hobart, CEO of Hobart Financial Group, a leading North Carolina retirement planning company, says children expect to fall back into old habits when moving home after college.
“Kids typically think that now that they are back home, mom and dad will continue to fund their lifestyles,” he says. “Sometimes these extra expenses can put couples in debt. It’s important to set the record straight with children when they come home. While parents might not want to completely write off their children, they should set guidelines about contributing to the household. This may mean paying rent or helping with bills. However, couples entering retirement should not let their adult children set them back financially.”
Hobart says supporting children without giving them any financial responsibility could result in disaster. “Children typically want to replicate the lifestyle they had when their parents were supplying them with funds,” he says. “However, when the children move out, they often fall into debt themselves because they are not fiscally responsible. Teaching your children about financial responsibility and making them pay their own bills is the best solution for everyone in these situations.”
Hobart Financial Group is a leading North Carolina financial advisory firm dedicated to personalizing service with uncompromising integrity. Its focus on comprehensive, tax-advantaged plans help to provide sound preservation of capital, growing income and increased returns with reduced risk. Chris Hobart, founder of Hobart Financial Group, understands that true wealth means being able to share your life with the people you love, free from financial anxiety. Hobart Financial helps Carolinas’ retirees preserve and protect their wealth with comprehensive financial retirement planning and wealth management.