Why Parental Pressure Can Result in Disastrous Financial Decisions

Our attorneys at the Raleigh branch are seeing an increase in young folks facing repossession, foreclosure and even bankruptcy. These are not the stereotypical youngsters that have gambled away their lives with foolish financial decisions. They are hard-working contributors to society and are striving to do their best despite the poor job market.

A common theme noticed, however, was that these children were goaded on by their parents – even their grandparents – to take on financial responsibilities they simply cannot afford. Also these young adults are being berated by their elders for not being able to “get anywhere with their lives,” As a result they take on liabilities that get them into debt later down the road.

The older generation needs to realize that today’s job market is not the same as it was in the past. A greatly weakened economy means that jobs are scarce, while an increasing number of educated students translates to greater competition for what few stable jobs remain. These two factors alone mean that young adults need to adapt instead of doggedly pursuing “old-world” lifestyles.

Young adults need to resist the pressure to live up to past standards. After all, it’s your credit score and your financial accounts that will be ruined by wrong decisions – not anyone else’s.