Parents may think that after high school, there is not much more they can do to educate children about the value of money. While a lot of the groundwork has been laid, there are still many lessons parents can teach their children through college and emerging adulthood to help prepare them to be financially responsible adults.
Society has changed, and living on one’s own has become more difficult. Expectations for higher levels of education have increased the debt burden carried by many young adults. Entry-level salaries have not kept up with current average living expenses, and sometimes it is nearly impossible for young adults to pay for basic needs without living at home with their parents.
While young adults, at this stage, are working to establish themselves, they are also in the midst of a new phase of development that begins in college and continues through emerging adulthood. The developmental changes fall into two categories: the growth of personality through adding new traits or expanding existing traits, as well as a new way of organizing beliefs by creating a more complex system. These changes are driven both by biological systems and our societal and cultural rules. With age comes greater expectations – to become more independent (autonomy) and less impulsive (delayed gratification). Ultimately, we expect children to become responsible adults.