Should You Charge Your YA Board?

Do you have young adults living at home?

Key points:

If your adult kids are working fulltime and living at home, you have the perfect opportunity to help them learn some healthy financial habits.

That’s the advice of Pete Burrows, of Lower Russell & Farr Chartered Accountants. Pete said his older clients often ask him for his advice on this point.

“I think [paying board or rent] teaches people responsibility, it teaches them life lessons, you know, budgeting,” Pete said in this episode of Money: Faith and Finance.

He emphasised the importance of learning to cultivate financial independence and accountability: “It’s a preparation for the big wide ugly world when you get out there.”

“I think [paying board or rent] teaches people responsibility, it teaches them life lessons, you know, budgeting.” – Pete Burrows

It’s also important to start shaping their perception of personal value and contribution within familial and societal structures.

It’s crucial to see financial responsibility not merely as a burden but as a pathway to mature financial understanding, Pete explained.

It’s important to start shaping the perception of personal value and contribution within familial and societal structures.

“The best lesson I can teach my kids is how to be responsible.”

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This early grounding can lead to more informed financial decisions in the future, benefiting both individuals and their broader communities as they learn to value their input.

Listen to this episode of Money: Faith and Finance on the Hope 103.2 app, in the player above or wherever you get your podcasts.

Feature image: photos by CanvaPro