SG Budget Babe
Asked on 01 Jul 2019
Personally, I don’t plan to receive a single cent from my children. The money is theirs to build their own families.
I’m curious to know what other parents are thinking.
The parents I see around me are receiving an allowance, but could live without it. It's probably an Asian culture thing that children are doing this.
For me, I plan not to receive any cent from my children in future, I would not specifically ask my kids to give me allowance - I will leave it up to them and if there is, it's a bonus. And with that said, I do not plan to leave any inheritance to my children as well. To me, I hope not for my kids to know that there is something left behind for them. I will want them to work hard for what they want and achieve horizons beyond myself.
I come from the other side ie. a working adult with my parents.
When I used to give a certain amount of cash, I find that it gets 'wasted' in my opinion on things like Toto. But that's just my parents.
So to mitigate that, I just buy all the necessities at home (washing powder, toilet paper, toothpaste, body soap, tissue paper etc) and healthy food (blackberries, blueberries, nuts) and pay for meals whenever I am with them, and also for big ticket items like replacement of washing machine, aircon, mattresses etc.
I would hope that I will raise my child to be a kind and generous person, who will be filial to me and want to take care of his family financially and physically. However, I will not expect or demand that they give me an allowance.
Following the trend that many non parents are answering; therefore i answer
Most parents now don't play to receive allowance from their children. This is because they have accumulated an adequate amount of cpf savings for their retirement unlike our forefathers who had low pay and a backward or non existent pension system
I currently have a 1yo child and my parents are nearing 60. After having a family of my own, I feel a huge financial responsibility to provide for my parents and my child as she grows. As such, I believe the best gift I can give to my child is to not burden her in the future and hope to achieve financial stability for me and my husband without having our kids support us.
I am not a parent yet but for most of my clients and friends, they do give monthly allowances to their parents. it may not be alot of money but its a token of appreciation and gratitude to their parents for bringing them up to the man/woman they are today.
For some, since their parents are still working and would most likely just keep the money in the bank account, instead of giving them cash, they help their parents invest the 'monthly allowance' for their retirement!
07 Jul 2019
Not a parent yet, but i firmly believe that children are not a parents' retirement plans. One should prepared their own retirement plans, if possible.
That said, if my children start working & still stay in my residence, i would expect them to give me a monthly allowance in lieu of rent, utilities, groceries, misc.expenses
No, I don't.
However, I do hope that my children can largely pay for their tertiary education. I think you tend to value stuff more that you have paid for - not sure if this is a popular view since people are pumping money into their children's educational funds left, right and centre, heh
I think we are approaching a generation where many traditions and cultures will be broken. This action is mainly an act of fillial piety and there are many other ways to show it.
Personally, i will not make it compulsory for them to do so. But if they are able to, i will still be happy as it will show that they are in good control of their finances.
Yes, i intend to receive from my kid. (Although its going to be probably another 20 yrs later)
But the idea is not to spend it, but to let me kid knows that he needs to prepare monthly allowance for family.
Think about it, when he grad and start earning, that is the first time in his life that he is going to have thousands and thousands of spending money that no one else can dictate him on what to do.
He may splurge it monthly as a young adult (i seen this with my friends)
so a bit of allowance for parents is good.
If I am blessed that I don't need his money, I will save it up for him and pass back to him on his wedding day.
Yes I plan to. Not so much about how much I expect them to give me but it is about teaching them about responsibility and how to do proper financial planning.
I intend to receive money from my children. The amount will be highly dependent on my financial+health state at that point of time but even if I'm affluent at that point of time, I still intend to receive a "token sum" from my children as a way to teach them the idea of being responsible for your parents and be less selfish, care about the people whom you should care for.
I can't explain this very well but I've seen many caucasians who don't seem to care much for their parents because they've grown up with an individualistic mindset that whatever they earn is their entitlement for 100% keeping and nobody, literally nobody, should get even a cent from them. If receiving some money from my children can steer them away from that kind of extreme mindset, I would do that _<
Not a parent but I won't plan to receive monthly allowance from my kids in the future unless they are still living with me. They should at least cover their phone bill, utilities and groceries (basically cover their own living expenses).
That's the way I view my monthly allowance to my parents. If I'm not living with them I'll probably not give them allowance and just give gifts now and then.
Not a parent, but I strongly believe in giving my parents some. I put it into their CPF every month as they don't need it now, and in future I'll expect my kids to give me a small amount as well. It's not about the amount, but it's about the gesture instead
Yes, however it would be within their means. However, I do see a generational shift where the rising costs of living have led to some parents deciding not to receive a monthly allowance from their kids. Ultimately, it depends on the financial situation of our kids and us.