Liz Pulliam Weston offers some tips for children who have to deal with spendthrift elders who can't seem to manage their money. I wrote a little about the topic of financial responsibility a few years ago.
Money slides through their fingers like sand. They're constantly buying expensive toys they can't afford and signing up for whopping loan payments that drain away their modest salaries. Financial windfalls disappear in a matter of weeks, spent on fancy vacations, sports equipment and down payments on expensive new cars. ...
We're not talking here about parents who fall on hard times because of disability, ill health or unexpected job loss. Most kids who were raised in loving homes, and even many that weren't, would want to step in to prevent their parents from becoming destitute in those circumstances.
We're talking about the parents who simply live too high on the hog, leaving their children wondering who will wind up paying the bill for their elders' irresponsibility.
One of the most important survival skills in life is the ability to say "no".