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Adult children can sabotage your retirement

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Cape Town - Supporting adult children can have a devastating effect on your chances of retiring comfortably, according to Mark MacSymon, a Certified Financial Planner and wealth manager at Private Client Holdings.

He says adult dependency is an increasingly common issue at the moment due to low entry level salaries, tightening credit extension, high property prices – all factors which make it difficult for young adults to set out on their own.

“In many instances, adult children continue to live with their parents well into their late 20’s and 30’s and fail to share in everyday household expenses. There are other ways that adult dependency manifests itself within families – such as a situation where a regular income is paid to an adult child, much the same as a salary or a stipend,” says MacSymon.

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