Support that keeps a young person living above their means can undermine their independence and create deep insecurities.
For some wealthy parents, the pressure to extend their social and financial status to their adult children can be overwhelming.
The recent college admission scandal revealed shocking things parents were willing to do to secure spots at top schools. But those same motivations drive some parents to bankroll their kids' lives into early adulthood, often to the detriment of the family."How many times have we seen in wealthy families where the breadwinner is so inundated with making a living and providing for a family, that love, intimacy and closeness are shown through financial means," says Dr.
Dr. Bradley Klontz, a psychologist and certified financial planner who researches money disorders, calls this"financial enabling." Often arising between parents and their adult children, financial enabling involves extended financial support that not only affects the enabler's finances, but can also cause lasting damage to the young adult.
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