Parents should give up treats such as nights out dining to support their children more, most Australians believe.
Parents should give up treats such as nights out dining to support their children more, most Australians believe.

Sacrifice your fun for children: Aussies

THE age of entitlement has hit a new peak with research now showing most Australians believe parents should give up holidays and a night out at dinner so they can set up their children financially in later life.

And the study shows it is young Australians, aged 18 to 25, who most strongly support the idea parents should sacrifice their own luxuries to benefit their kids.

But some experts warn parents giving up too much of their own lives to make things easier for their children amounts to mollycoddling that fails to teach the next generation how to look after themselves.

 

Conversations about money that involve children help their financial literacy.
Conversations about money that involve children help their financial literacy.

A survey commissioned by Sydney finance author Vanessa Stoykov found 63 per cent of respondents believe parents should make sacrifices for their children's financial future.

Top of the list of things that parents should forgo for their children was buying expensive cars, followed by eating out and taking holidays overseas.

Among those aged 18-25, 72 per cent said parents should make sacrifices for their children, with people older than 65 the next most likely to support the idea, at 70 per cent.

The results showed 60 per cent of men and 64 per cent of women backed sacrifice, and that the views were consistent across NSW, Victoria and Western Australia.

Ms Stoykov told The Saturday Telegraph parents should talk to their children about things such as school fees, deposits to buy a home and weddings.

Should parents cancel holidays and dining out to give their children a financial head-start?

This poll ended on 18 September 2018.

Current Results

Yes

20%

No

80%

This is not a scientific poll. The results reflect only the opinions of those who chose to participate.

 

Cheaper holidays such as camping domestically can help keep family costs down. Picture: iStock
Cheaper holidays such as camping domestically can help keep family costs down. Picture: iStock

 

"Make sure your kids understand you are sacrificing for them and don't take it for granted," said Ms Stoykov, who collated the research for her new book The Breakfast Club For 40-Somethings.

"So many people don't talk about money around the dinner table and that means their kids aren't financially literate," she said.

But parenting expert and father-of-six Justin Coulson said that he would be telling his children they must financially support themselves after they turn 18.

"If I can use an analogy, a baby doesn't learn to walk by being carried everywhere," he said.

Dr Coulson said all parents make sacrifices for their children but it was important for children to learn how to grow.

"I hear parents all the time say, 'I don't want children to go through what I went through,'" he said.

"My response is that if you don't give those children the same trials, they will never develop the capacity to grow."



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