Adult children are returning home in the 2nd wave of COVID-19? Here’s how to talk about money – National

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As the country enters a second wave of the coronavirus pandemic, some young adults may be forced to return to live with their parents.Whether it’s campus closures or job loss, getting back to your parents raises important financial and communications topics.

In a recent segment on Global News’ The morning show, relationship expert Jessica O’Reilly and financial expert Kelley Keehn both spoke about how parents can manage both their peaceful home and their budget if their children unexpectedly decide to return home.

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Keehn says that before your grown children come back, you need to set some ground rules.

“Do they pay rent? If they are unemployed, are they looking for work? When they get back on their feet, do they have to pay off mom and dad’s bank? ” she says.

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She says these are the types of questions you need to establish to make sure both parties are on the same page. Otherwise, Keehn says, resentment can set in.

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Meanwhile, O’Reilly says communication is key.

“Communication is the key to all relationships,” she says. “If you live with your parents and they offer any kind of support, financial or otherwise, check what they think about the arrangement.”

She says parents and children should all feel emotionally safe at home.

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And at a time when the COVID-19 pandemic has caused “high levels of stress” among Canadians of all ages, both experts agree that finances can add to that stress.

They say that even after the kids have moved, be sure to keep having these talks with your kids until they are ready to move.

For more, check out the full segment above.

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© 2020 Global News, a division of Corus Entertainment Inc.



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