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Have you ever heard this common phrase from some parents who say “I am working because of my children, so they can take care of me in old age”? I think this phrase is most popular in this part of the world. Parents tend to make their children their retirement plans.
It is not uncommon for parents to rely on their children as a form of retirement plan, especially in cultures where filial piety and intergenerational support are highly valued.
As much as this is prevalent in most cultures in Africa, it is not a healthy or sustainable approach to retirement.
It’s not healthy for parents to make their children their retirement plans. While it is true that many cultures have traditionally relied on family support in old age, it’s not fair or realistic to expect children to bear the full burden of their parents’ retirement expenses.
Depending on children for financial support can put undue pressure on them, limit their own financial opportunities, and strain the relationship between parents and children. They may have their own families to support, careers to pursue, and financial goals to achieve. Being expected to support their parents’ retirement can place a significant burden on their own lives, leading to stress, resentment, and strained relationships.
It is important for parents to plan for their own financial security and retirement needs. This may include saving for retirement, investing in property or other assets, and considering long-term care options.
