Bank Of Papa & Mama

Posted on October 25, 2007. Filed under: Family Issues | Tags: , , , , , |

Today’s children had it better than yesterday’s children. During our times, we had no one to depend upon but only ourself. We had to live within our means and go without those  trippings and  luxuries in life.

Once you enter the job market , you are on your own and you do not ask  for any handouts from your parents  except when it is life or death situations or urgent matters , where you take a loan from them and promised to pay back when you have the money.

You are even expected to pay a monthly amount according to your generosity and ability to pay for for your parents upkeep as a gesture of goodwill to them for your upbringings. Many bulk at this as there is not enough even for their own family expenses.

Today many parents  who can afford it ,will put up a lump sum of money as deposits for their working  children when they want to buy a house or car.Today’s young adults are a pampered lot.

Even after marriage , their parents continue to financially support them  and help them with their financial burdens.

Many children who after even 30++ still have to depend on their parents for their daily living expenses  even though they work as professionals and earning a few thousands a month.

After the car ,house loans ,student loans and credit card payments, there is nothing left  to spend.They are living in precarious times and have no emergency funds for a rainy day.

Such is the situation affecting the young adults today.It is a live for today and pay tomorrow concept .You pawned your soul to the devil and many spend more than they earned , leading to many young bankrupts who were unabled to pay back those ballooning credit card loans.They may need their parents financial supports for the house loans, car loans or other loans.

When they left the university , they are already in debts and embarking on a long journey fill with more debts. Not many will be able to escape from this misery road .

Many parents support their children into adulthood and there seems to be no end in sight.What will happen when the parents are too old? I dread to think of that. I will not want to live the life depending on the generosity of others. There is no meaning if I become a burden to my children.

Today ,most parents do not have savings or not enough savings to last through out their lifetime. They may remortgage their homes and if they could not pay the loans , they would have to give up their homes for a smaller one.

With the housing interest shooting up , many house owners  will lose their homes as they are unable to pay more on their housing loans .

Today many parents indulge on their children and do not want to see them suffer.As the Chinese proverbs says, Eat rice when there is rice and eat broth when there is no rice.” It means that we share whatever we have through thick or thin together.

Today , the young do not feel stigmatised or shameful in receiving financial help from their parents but rather expect their parents to help them out.

When the pipeline runs dry , I don’t know what will happen to those old folks? Send to those senior citizens homes or go begging in the streets.

Related Content

http://www.dailymail.co.uk/pages/live/articles/news/news.html?in_article_id=489558&in_page_id=1770

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5 Responses to “Bank Of Papa & Mama”

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[…] laura1318 added an interesting post today on Bank Of Papa & Mama.Here’s a small reading:Today many parents who can afford it ,will put up a lump sum of money as deposits for their working children when they want to buy a house or car.Today’s young adults are a pampered lot. Even after marriage , their parents continue to … […]

Back here they called it FAMA = Father and Mother Allowance.

[…] Of Papa & Mama laura1318 placed an interesting blog post on Bank Of Papa & MamaHere’s a brief overviewAfter […]

[…] cashmaster wrote an interesting post today onHere’s a quick excerptThey may need their parents financial supports for the house loans, car loans or other loans. When they left the university , they are already in debts and embarking on a long journey fill with more debts. … […]


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