It is a widely accepted fact that parents are responsible for their children. This includes providing them with food, shelter, clothing, and education. In today’s society, there is an additional expectation that parents will also provide their children with a certain amount of financial support. This financial support can take the form of allowances, loans, or even gifts.
While there is no legal obligation for parents to provide their children with financial support, it is considered to be a moral obligation. This is because children are typically not able to support themselves financially and therefore rely on their parents for help. Additionally, parents are typically in a better position to provide financial support than other relatives or friends.
Discover collection of articles right now about financial and business. SparkleTeddy
talk about and throw in personal financial
planning, business and Taxes. You can expect to see reviews of financial
products like mutual funds and banks to random musings on money related
matters like tax, budgeting and deal-hunting.
There are a variety of different ways that parents can provide financial support to their children. The most common method is to simply give them an allowance. This allowance can be used by the child to cover their everyday expenses, such as food, transportation, and entertainment.
Another way that parents can provide financial support to their children is by loaning them money. This is typically done when the child needs help paying for something specific, such as tuition or a car. The child is then expected to repay the loan to the parent over time, with interest.
Finally, parents can also provide financial support to their children by giving them gifts. This is typically done for special occasions, such as birthdays or holidays. Gifts can be in the form of cash, checks, or even property.
While there is no legal obligation for parents to provide their children with financial support, it is considered to be a moral obligation. This is because children are typically not able to support themselves financially and therefore rely on their parents for help. Additionally, parents are typically in a better position to provide financial support than other relatives or friends.
