Page 24 - Seniors Toady March 2020
P. 24
Relationships
SENIOR STORY:
What if your grown-up
children ask for money?
To lend or not to lend: That’s the unique conundrum Indian parents face when
their adult children ask for financial aid. By a Staff Writer
In a country like India where the concept of One thing is for certain- both relationships
savings is deeply entrenched into the mindset and money are sensitive matters and should be
of its people, it is only post retirement that most treated as such. Some children view their parents
seniors loosen their purse strings and splurge as BoMaD (Bank of Mum and Dad) and use it as
on items or experiences that they missed out on an excuse to fuel their own laziness. They assume
during their working years. After a lifetime of that their parents will continue to fund their
hard work, dedication and savings, seniors retire lifestyle even after they are adults without having
to finally enjoy the fruits of their labour. But to earn their own living. Any parent would
what happens when an adult child approaches be wise to cut off funding for such a child and
his aged parent asking for money? How does a instead use it to enrich their own savings.
parent bail out a child in need without dipping At the other end of the spectrum, in case of
into his savings. medical emergencies, financial crisis’, huge loss
When it comes to lending money to adult or any other unforeseen circumstances, it is
children, Indian parents often find themselves natural for children to approach their parents for
in a pickle. On one hand, they consider it their financial assistance. So where does one draw the
moral duty to provide for their offspring thus line? How should one go about lending money to
ensuring their safety and stability; and on the their children? What are the important factors
other, they need funds to secure themselves that one should keep in mind before doing so?
against unforeseen circumstances and potential
medical expenses. The awkwardness around Co-Dependent VS Independent
money has been known to drive a wedge in An integral part of Indian culture has been the
relationships often leading to polar views. idea of joint families where it is common for
Instances of friendships turning sour, families Indian families to live together even after the
falling apart or professional colleagues becoming son is married and has his own children. This is
distant due to money are very common in recent believed to create an atmosphere of happiness,
times. togetherness and shared values. Many even
24
