Are Kidults Blowing Their Financial Future – as read in news.com.au

DO you live at home and spend all your money on having a good time?

If this is you, chances are you’re a kidult — and it might be time to grow up.

Those aged between 18 to 27, who still rely on their parents to put a roof over their head and do the washing and cooking, are part of a reckless new group of people called kidults, and they are on the rise.

Young Australians are plagued with the fear of missing out and are using their parents to save on rent so they are free to splash their cash on senseless things.

Scott Haywood, money expert at thefinanceguru.com.au, has seen just how bad it’s getting and just how reckless these kidults really are.

He’s given advice to a man in his early 30s with a credit card debt of more than $65,000 and met a 22-year-old woman working in the fashion industry with 25 pairs of shoes and a $25,000 debt.

“It’s embarrassing but you need to take ownership of your debt and speak to friends and family and sell off assets,” Mr Haywood said.

Kidults have an obsession and an addiction to spending because they finally have their own money and no longer need to borrow $20 off their parents.

They believe they have the freedom to spend their money however they like but kidults are making some mistakes that could actually haunt them for the rest of their lives.

The original of this article appeared on the 3rd of June 2016 on news.com.au  Click here for the link.