@Anonymous wrote:While i do think the parents should have direct control over a minor child living under their roof. I also believe that they should be in teaching mode during the last two years of residency. Far too many kids are unrepared for what the real world has to offer when it comes time for them to venture off. Whether it be finances or their ability to feed/cloth themsleves all on their own, w/o needing to go home every week to eat and get laundry done etc. I've seen this so many times. A parent that does everything for a child all their life shouldn't be all that surprised when they need to come back home.
Will post that some of the same questions and comments existed back in the 1950s and 1960s. It seems like many matters we hear lots of talk but no action. People have asked that one of our high school classes would include personal finance and even how to run a checking account. But alas, here we are 2019 and the same things repeat!
Interesting points brought up! 
@Anonymous wrote:
While I appreciate my financial independence, I see that some people prefer their parents having almost absolute control over their financial lives, and some parents preferring it that way as well. What are your thoughts about that? When do you think that people should start taking care of their own finances and banking accounts?
A simple answer without all the grey areas is, when you move out. As soon as you feel you can say "I'm grown and you can't control what I do". Then go be grown in my opinion and take care of yourself financially. Parents tend not to want to see their children suffer or fail and will often come to the rescue no matter what age. Those one off "helps" may be a little different but without a contract and ability or willingness to pursue action if defaulted it should afford the lender to control something. But that's not the way it is.
As many stated, parents should lay the foundation so their children are prepared to be financially responsible by age 18. When still financially supporting a child/adult child then they should have some control or be involved depending on the situation.
But also stated here is the bigger problem of parents not having a sound financial ground or knowledge to impart. I think this forum is evident that many did not learn these things in our late teens or early 20's and even later. And its ashame there has been little to no improvement for decades in addressing this credit health in the education system. After all, most of us planned to grow up and by a car and home at some point.
I recall in my early 20's, own apartment (roommate) I asked my father to co-sign on a car loan. What he told me that day still kind of stings "You have shown that you are not responsible, you're a deficit". He didn't say it with malice and both parents were/are kind and supportive my entire life. He was just really disappointed. The sad thing is it was true. Although I was currently paying my bills, I had proven I didn't manage my money well. Now if I wasn't "creative (not illegal)" they would have definitely let me use their cars if they weren't using them, even live with them. But although it still took some time (too long) to learn, the tough love move motivated me to be independent. Not always financially sound but I survived it and learned valuable lessons. My parents didn't have much but we never went without. Hell, I was in my late 20's before I realized we were likely lower middle class and not upper middle class. That's how well they provided financially, emotionally and even socially. But the let me go be "grown" when I claimed to be.
The truth is they didn't know anything other than "pay your bills on time". And had I followed that I would not have needed so many lessons. But for those of us much older than 20 something, you understand 20 something doesn't always possess enough life experience to make the best decisions while are brains are still developing. No offense to 20 somethings. Many of you are doing much better than I and definitely have more tools, although still not enough provided in school. To this day my parents don't know how this credit thing works other than paying bills on time but to my knowledge they've never been in a bad credit situation. But they always had the biggest part of the FICO pie taken care of.
