How to Financially Help Your Parents

Our parents have always been there for us. Whether supporting us by providing a free taxi service or just putting a roof over our heads, there are many situations where their help has been invaluable.

Now you’re older and can support yourself, it’s only natural that you’d want to give something back. If you want to help your parents with their financial situation, then perhaps you could resolve the matter with a simple act – such as this American baseball player who repaid his parent’s debts one day.

Unless if you earn as much as a professional athlete though, this option is probably not available to you. Fortunately, there are other solutions which might be more realistic.

More than 20% of millennials financially help their parents

Researchers working on behalf of an investment firm discovered that more than 20% of millennials were giving financial support to their parents – working out to around an average of £9,700 per year.

Potentially by helping resolve bills or just buying groceries, it’s clear we want to help our families where possible. As a spokesperson from the company put it:

It’s not just the case that Millennials are sitting home after college and parents are ready to get rid of them.

Three ways to help parents in debt

It’s important to note that parent’s debts are not technically your responsibility – unless if their accounts are in your name. Therefore, while you may feel obliged to assist your folks, you’re not required to do so.

This is important to note if you’re having money troubles of your own. While you may want to help others, you should absolutely make sure you’re in a good financial position before doing anything.

1. Don’t insist help, offer it

Money is an extremely personal matter and your parents may be reluctant to discuss the situation with you. Although you might want to assist, the simple truth is you cannot force them to accept help. The best thing you can do is to offer your support, don’t insist, and make it clear that – regardless of how much money they owe – your love for them remains.

2. Repay what you owe

It’s time to review your financial history and determine if you owe mum and dad. Perhaps they paid off something for you a while back or covered the cost of a large purchase. Regardless of what occurred though, now could be the time to repay what you owe.

As long as this doesn’t put you in a precarious financial position, this option could really benefit your parents.

3. Education

Repaying your parent’s debt is often not the answer. Instead, you should work with them to identify possible solutions. These could include:

  • Helping them set up a budget.
  • Identifying opportunities for them to save money or cut back.
  • Obtaining reputable debt advice together.

There are also a range of debt solutions out there which could help your parents regain control of their finances – such as an IVA.

Looking for support? We’re here

If your parents are in debt, we understand what you may be feeling – the worries and concerns but, ultimately, the desire to make it right.

Although you may wish to handle the matter yourself, we’re here if you also want to discuss the matter confidentially. If your parents want financial support, then we’ll do our best to help.

Just click the button below and let’s discuss how we can help you: