When Lucy Cavendish was pregnant with her first child, she had visions of an idyllic and fulfilling life. Her sister, who already had children, warned her that her finances were about to take a beating. Three decades and three more children later, she’s been proven right. What Lucy’s sister didn’t explain was that the spending never ends. Even though her four children are now between 18 and 29, she’s still forking out a fortune for them. Lucy is 59, and her children set her back about $1,350 a month, which means she’s unlikely to retire before the age of 85. The worst part about it is that they all have jobs that could support them living on their own. Unfortunately, Lucy’s not alone. A recent survey revealed that 68% of Gen Z were still living at home at the age of 23 — three times the figure for their older millennial counterparts at the same age. Lucy, a therapist and freelance writer, has to work long hours to keep the family afloat. Nearly 10 years ago, when Lucy decided to add up the cost of raising her children to the age of 18, it was a cool $1.3 million. The cost of feeding them alone was $21,130 a year. Finally, Lucy has decided the cut-off point to her generosity will be in four years, when her youngest turns 22. By then, she can have a reasonable expectation that they should all be independent. Needless to say, she’s looking forward to the day when she can downsize and live alone, spending every penny on the things SHE wants. Who knows, by the time she’s 65, she really will be able to retire.
