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Should Parents Help Adult Children Buy a House?
The Double Take column looks at a single topic from an African and Chinese perspective. This month we discuss whether parents should financially assist their adult children when buying a house.
Double Take | VOL.10 November ·2018-11-09

Helping Child to Be Independent  

Wang Zhiwen (Left) 

A 61-year-old Chinese retired teacher 

I would say "Yes." I would certainly support my child in buying a house though I would not pay the bills for their daily or monthly expenses. I am willing to give my child a hand in settling down but not keep them dependent forever. 

In China, especially in large cities, as the housing prices continue to soar, many young people cannot afford to buy a house even with a bank loan. Therefore, many Chinese parents will start to save money the day a child is born and make sacrifices with the intention of buying their child a house. 

I think if the parents are financially capable, there shouldn't be a problem in giving support when buying a house. In the case of my son who is living alone, I think owning a house would give him a greater sense of belonging and security. My husband and I understand the challenges that young people go through when buying their first home, especially in big cities like Beijing and Shanghai. We have decided we would support him for the future and thereby make it easier for him. 

My son bought an apartment with a bank loan. I gave him the down payment for the house, but he is responsible for paying back the bank loan every month. Parents love their children and are willing to sacrifice everything, but kids should not be forever in their parents' pocket. Parents should encourage the child to be independent. 

Preparing for the Future  

Hazem Samir Sayed (right) 

A 39-year-old journalist from Egypt 

The soaring price of real estate in many countries across the world has become such a strain for young people who want to acquire even a small place to settle in. The mounting cost of living has become a burden for those who dream of a married life. In developing countries, suffering joblessness and economic problems have shattered the hopes of the youth for a financially promising future. 

After graduation, adults in a number of African countries run into many troubles such as low salaries, unemployment, and skyrocketing prices for apartments which in turn cripple the aspirations of any young couple to start a new happy life. 

Some of the parents leave these problems for their children to deal with and do not intervene because they want them to become financially independent. 

Undoubtedly, a young adult who is aware of these challenges must fight tooth and nail to ensure a better future devoid of financial troubles. 

Parents have an important role to play to help with the future of their children, regardless of age. In Egypt, the majority of parents financially assist their children in buying property after graduation. Others keep a monthly savings for them in a bank account usually opened just after the birth of the child in order to ease the financial burdens they may face in the future. 

Supporting young adults by providing them with the necessary funds for the future is a profound idea that I completely agree with. Like many Egyptians, I have set aside a special savings as a backup plan for my son and daughter to benefit from in future when they become adults. 

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