Is this ok? This adult woman still gets pocket money from her parents

Most of us hope that our children grow up to have the financial skills to manage their own money carefully

Most of us hope that our children grow up to have the financial skills to manage their own money carefully and safely.

So what would you do if your son or daughter came to you and asked you to take care of the lot for them?

Melbourne woman Emily Power did just that after she racked up over $14,000 in credit card debt and got herself into financial woe.

Despite being a fully-fledged adult at 33 years old, Emily’s parents now control her finances and give her $400 a fortnight in ‘pocket money’ to pay for groceries and social occasions.

Her parents control the rest of her salary and put it into a savings account for her which she can’t touch.

Emily wants to use her savings to buy an apartment.

She said that as much as she tried she just couldn’t manage her own finances and would spend money without thinking about the consequences.

“Through my own nature, I dug myself into a really big financial hole. Through wanting to keep up appearance and look the part, I set myself on a path of unbridled spending,” she said.

“In five years, I clocked up $14,000 in credit card debt. I’m really lucky to have parents who supported me through this.”

Her story has divided opinions with some people giving her kudos for the idea, while others questioned why a grown up woman couldn’t take care of her money.

“Good idea! Doesn’t matter how you get there!” wrote one supporter.

“So exactly what is this 33-year-old learning by her parents giving her money and saving for her?” questioned another.

“So many young people can’t manage their money or have any budgeting skills. It should actually be taught to kids, it might even solve some of the homelessness issuers we have,” said one skeptic.

What are your thoughts?

Would you help your child like this if they asked? Or, should they be grown up enough to handle it themselves?

  1. I don’t think her age has anything to do with it some people simply cannot manage their money, she has not asked her parents for a hand out, only to help her save I don’t see a problem if her parents are happy to oblige.

    • In this day and age things have got more expensive and the pays are not keeping up with the cost of everything needed. Good on the parents for helping. If it is drugs etc alcohol causing the problem then still think it is good

  2. Shirley  

    Can’t see a problem at all. I do exactly the same for my 22 year old daughter. I think that she has to be commended for recognising she has a problem like my daughter did. I won’t do it forever just till she feels confident she can take over and when she does I will be watching for a long time. Not managing money can be for lots of reasons among them it can be an addiction just like other insidious addictions. I wish this young woman the very best for her future and she will feel really great when she can go and purchase her own home.

  3. Rikda  

    She’s now simply living within her means.
    That’s the main problem.
    Read her story.
    She never had a plan before & the first one she contrived was hopeless.
    Now she is budgeting.
    Sometimes people have to fall before they walk.

  4. Htc  

    My son saved 10,000 By not having access to his internet banking he just tells me how much to transfer over he says this stops him from excessive spending Expeciallywhen he is out socialising.

  5. Sue Taylor  

    Emily needs to grow up and learn some self discipline. Who’s going to do it for her when her parents are gone?

    • Myra Sorensen  

      I’m agree with you, Sue. Where is this person’s accountabiliity for her own life, and how does she learn to be responsible for herself when her parents are controlling her finances? She will be back in the same mess again after her parents pass on if she doesn’t learn to look after her own finances now. Has she ever heard of a little thing called a budget? There are plenty of places she could learn about budgeting – if she so chose.

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