Teenagers Burdened by Financial Responsibilities of Households as Cost-of-Living Crisis Gets Worse

Teenagers Burdened by Financial Responsibilities of Households as Cost-of-Living Crisis Gets Worse
Just spending your salary without any savings can end you making poor, so its better to save and invest|Pexels

Necessity gives way to innovation and at times the need for creative solutions arises from a crisis. Young professionals have been hit by rising prices along with a struggle to secure high-paying jobs. In the face of an escalating cost-of-living crisis, families are resorting to unconventional measures to make ends meet. Among those affected is Don Parkes, a factory supervisor earning a seemingly comfortable six-figure salary of $125,000 annually, finds himself struggling to support his family adequately. Despite his above-average income, Parkes, his wife Kirsty, and their eight children, are grappling with the challenge of affording essentials such as rent, groceries, and petrol.

The family's financial strain has reached a point where the parengs are forced to seek help from their teenage sons who have left school and started working at a young age. In a bid to alleviate the mounting financial pressure, the teenagers have been asked to contribute towards household expenses. The sudden burden of responsibilities on the teens reflects a broader trend observed in households where children are increasingly expected to support the family financially.

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The Australian Flag is seen at Carrara Stadium | Getty Images | Photo by Michael Dodge
The Australian Flag is seen at Carrara Stadium | Getty Images | Photo by Michael Dodge

 

Josh, the older of the two brothers, expressed his frustration, highlighting the exorbitant costs of everyday necessities. "I don't mind chipping in, but it is ridiculous how much everything costs now," he remarked, capturing the sentiment echoed by many grappling with modern-day economic realities. Corey echoed his brother's sentiment, acknowledging that while contributing financially was necessary, it was still daunting given the current economic climate.

A recent survey conducted by Compare the Market sheds light on the prevailing sentiment among families regarding the financial obligations of adult children. The survey suggests that most respondents believe adult offspring should contribute around $150 per week or $7,800 annually towards household expenses, which shows how much financial strain families are facing.

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The plight of the Parkes family sheds light on a broader societal shift where a 'decent wage' is no longer synonymous with financial security. Despite Don's six-figure income, the family finds themselves stretched thin, with dwindling savings and mounting debts becoming a grim reality. Don lamented that while his income was once considered sufficient, the relentless rise in the cost of living has rendered it inadequate to meet their basic needs.

For the Parkes, essential expenses such as food and shelter take precedence over luxuries. Kirsty, Don's wife, even described health insurance as a 'luxury' that they simply cannot afford, a sentiment echoed by many families grappling with similar financial stress. The soaring cost of fresh produce has made things worse for people, forcing them to opt for cheaper alternatives like home-brand groceries and occasional fast food meals, a stark departure from healthier dietary choices.

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Photo by Kindel Media: https://www.pexels.com/photo/a-paper-beside-a-person-typing-on-a-laptop-7688374/
Photo by Kindel Media: https://www.pexels.com/photo/a-paper-beside-a-person-typing-on-a-laptop-7688374/

 

In their plea for government intervention, the Parkes family points out the urgent need for policymakers to address the underlying factors driving the cost-of-living crisis. As households continue to grapple with financial instability, there is a pressing need for comprehensive measures aimed at alleviating the burden on families and ensuring equitable access to essential goods and services.

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