31 Jan I worry about money and my adult kids. What can I do?

Q. My adult children are 34 and 38, they each are married with children. They never seem to have enough money. I help sometimes financially. I don’t think they have anything saved for retirement. I know one of them took money out from a plan to buy a house in 2020, but I think that’s it. How can I get them to save for the future? I’m not leaving the kind of inheritance that they would be independently wealthy or anything.
— Dad

A. We understand why you might be concerned about the future financial well-being of your kids.

This will be all about starting the conversation.

Bill Connington of Connington Wealth Management in Paramus said he believes that financial well-being and savings is not taught enough in our schools.

That said, you can frame the conversation as being about how to work towards financial independence.

This is considered the point where work is optional and you and your family are financially secure.

“Give them examples of your successes or ask them to join you at a financial seminar or even to reach out to a financial advisor and look into doing a financial plan so they know where they stand on achieving financial independence,” he said. “All you can do Is try to be proactive in educating them and hopefully it works.”

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This story was originally published in January 2024.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.