Financial Support in Families: A Study on Parent-Child Relationship

PSYCHOLOGY
STUDENT DETAILS

INTRODUCTION
Parents and their child develop a bond from the day of fertilization, and that bond could be
the strongest bond in the world. When a child is born, parents start to help them in various
ways. The theory of Contingency in sociology and theory of altruism in economics explain
that people offer greater support to family members when the in problems (Fingerman,
Miller, Birditt & Zarit, 2009). People define “family” in differently. According Millward’s
(2013) view, “family” is not only mother, father and siblings. It includes a wide range of
relatives by blood, legally or non-legally, whether they live in the same house or separately,
interconnected by obligations, experiences and interchangers. In the same way, Daatland
(2011) described, family members as having a responsibility to ensure the well-being of each
other, for example, financial support, practical support and socio-emotional support.
However, this is not always the case. Millward (2013) states that family members support
their children in different ways: full or portion income support, financial advice, loans and
gifts of money (to start their own business) and inheritance. On the other side, he explained
that family members are not always able to fill primary financial gaps, but they could assist
with second financial assistance such as being a source of employment and supply
accommodation for unemployed youths. Parents tend to assist adult children depending on
the situation or specific period of life, for instance, high education purposes, divorce or
illness and high achievers because parents reflect their grown-children’s successes as their
successes and parents will get assistance back from high achieved children (Fingerman et al.,
2013; Johnson, 2013) and according to Bowlby’s attachment theory Parents are not keen to
see their adult-children suffering (Fingerman et al., 2013). The National Survey of Family
and Household (NSFH) (1988), (as cited in Lye, 1996) found that the American adults and
their parents exchange support continuously. The survey showed 17 percent of parents
transferred money to their adult children. The NSFH data illustrated, 50 percent of parents

agreed or strongly agreed to helping their children financially. Vassallo et al., (2009),
surveyed 968 Australian parents, and found that more than 66 percent parent has been
transferred money to their children in the previous year and half of the participant believed
that helping financially their adult children is aspect of their parenting role. Studies showed
there are factors could affect to parent’s financial support. For example, Millward (2013)
states that factors could divide in to three categories –condition of the need, closeness of the
relationship and family structure. Further, he explains structural factors contain size of the
family, formation of the family and number of family members. Relationship factors consist
of attachment of the generation and type of genealogical. Type of needs include the financial,
cultural and economic resources in family. Cooney and Uhlenberg (1992) consider two
factors that may influence for parent’s support: age and attitude toward adult children and the
parent’s relationship. Children age and gender affection to parent’s financial support are
reviewed below.
Children’s age
Young offspring receive more support from their parents than offspring who are in middle
ages and later life children receive lessor no financial support from parents (Fingerman et al.,
2013). Cooney and Unlenberg (1992) also state the same argument about age gaps and
parents support; it does not change or increase when child is early 20s, but they reduce all
assistance including financial support, when child is late 30s. In addition, there is a negative
correlation between children’s age and receiving financial support (siennick, 2011).
However, that correlation could be change according to children’s needs. Such as; high
education or unemployment problem. Johnson (2013) focuses that the transition period of
childhood to adulthood important. In that period parents financially support their children in
several ways. Such as; paying rent, paying school fees and money as gift because parents
suggest that their assistance, reduce early school dropout and financial distress and increase