With housing costs, student loans, and everyday expenses skyrocketing, more young adults are turning to their parents for financial support. Doug Hoyes and Ted Michalos unpack the emotional, financial, and practical realities behind "helping" adult children, including why many parents feel compelled to assist, and break down the real risks of co-signing, lending money, or tapping home equity to solve a child's debt issues.

(00:00) How costs, debt, and housing pressures shape young adults' expectations
(03:10) Why parents feel compelled to help financially
(06:20) When helping becomes risky for parents approaching or in retirement
(10:00) Enabling, dependency, and how money strains family dynamics
(12:00) Co-signing explained: what parents are really responsible for
(13:30) When support prevents children from developing budgeting or financial skills
(15:05) Alternatives to direct financial help
(17:10) When to involve a Licensed Insolvency Trustee
(18:40) Conditional help vs. open-ended rescue
(25:00) Key takeaway: protect your own financial future first

How Can I Help My Adult Child With A Lot Of Debt?

Joint Consumer Proposal – Who Can File Together?

DIY Free Credit Repair Course

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Hoyes Michalos YouTube Channel

Learn About Debt Relief Options in Ontario

Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.