Should Young Adults Living at Home with Parents Contribute to Expenses?

Should Children Who Live at Home Contribute to Expenses?

Financial consultant Vinessa Orsbourne of Become Wealth suggests that young adults living with their parents should contribute to the household expenses to prepare for independence and financial management skills.
This practice is seen as crucial for their future financial literacy and responsibility.
Orsbourne emphasizes the importance of open communication within the family to discuss financial contributions once children have completed their studies or secured stable employment.

In New Zealand and Italy, young adults are staying at home longer due to the high cost of living, with Italians reaching financial independence on average after the age of 30.
Orsbourne’s advice applies universally, as she recommends that Italian parents also encourage their adult children to contribute to food and lodging expenses.

According to the law, children living at home are obliged to financially support their family to the best of their ability.
Those without income can contribute through household chores, while financially independent children should provide a monetary contribution without jeopardizing their self-sufficiency.

Do Independent Children Living Away from Home Have Financial Obligations?

For independent children who do not reside with their parents, there may only be an alimentary obligation in case of parental need and absence of other primary sources of support.
Financially aiding the family helps young adults gain independence faster and more consciously, fostering financial awareness and responsibility.
Contributing to household expenses can be a crucial step towards preparing for future financial management, especially in an era of rising living costs and stagnant incomes.

Ultimately, whether children live with their parents or independently, assuming financial responsibilities within the family unit can aid in their development and understanding of financial management, steering them towards economic independence and responsible financial behaviors.