Out of your parents’ homes. On the first day of the Lunar New Year, no less. Citing studies conducted in the UK, the article lists the young person’s need for independence, increased costs of supporting more people, and the difficulties of splitting the household expenses between them, it hints that one should move out and live on their own.
Difficulties are bound to arise when related adults live together, and to some extent pool their economic resources, while still living largely separate lives. This creates economic relationships full of ambiguities, as parents desire to do the best for their sons and daughters, without having the same control over how their children live as they did when they were dependent.
Additionally, the article also mentions “they (parents) might have to maintain high rates of private rent or be unable to downsize to ease the transition to retirement”.
My first thought was, WTF is CNA talking about? After all, we are not at liberty to own property as singles until we are 35. Unless HDB changes their stance anytime soon, only the rich singles can afford to buy private property and move out.
These guys agree with me:
Additionally, the article asserts that tensions arose in discussions about how much young adults should contribute to household costs with their parents. Both young adults and parents who participated in the study agreed that while parents would pay most household bills, they should receive a regular “board” payment from the young adult. There was, however, difficulty in establishing a fair price.
However, as you read on, the article concludes with the reminder to parents that they may need to stay firm, and negotiate a fair contribution towards the costs of keeping a room available for their sons and daughters to live in.
Yet our research shows just how hard that is for parents, who will never see a son or daughter as a paying lodger, but always as part of the family.
On a similar note, children who stay with their parents should remember that as independent adults, one should contribute to the household expenses and be mindful not to overburden ones parents.