Latest news with #GirishAgrawal
Time of India
05-07-2025
- Business
- Time of India
'Don't turn into an ATM for your kids': Financial advisor share a big wakeup call for middle-class parents
Many Indian parents risk their retirement security by giving away large parts of their retirement funds to their adult children without proper planning. Girish Agrawal, a former income tax officer and now a mutual fund advisor for PSU retirees, has warned about this growing trend in a LinkedIn post that has sparked conversation among working professionals and retirees alike. Love, guilt, and financial strain Agrawal shared a familiar story of a government officer who retires with ₹1 crore after years of service. But soon after retirement, requests for money begin. One child needs funds for a startup. Another's spouse wants to open a franchise. Without a financial plan, the retired officer hands over large sums, driven by love and emotional guilt. The outcome is often disappointing. 'He became the ATM for everyone else… and forgot to keep cash for himself,' Agrawal writes. 'This is not generosity. This is financial self-neglect, wrapped in emotional guilt.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like When the Camera Clicked at the Worst Possible Time Read More Undo Children ask for capital, not responsibility According to Agrawal, many adult children ask their parents for financial help without understanding the long-term pressure it puts on their parents. Businesses supported by this money often struggle to give returns, leaving the retiree financially insecure. 'No structured withdrawal plan, no pension, no safety net—just mounting anxiety and shrinking savings,' Agrawal notes. Without regular income, the retired parent may find it difficult to meet daily expenses. Live Events Secure your own future first Agrawal recommends that retirees should first create an income plan that will support them for the next 25–30 years. Any financial help given to children should be treated like a business transaction—with clear documentation, repayment terms, and boundaries. 'Your children love you—but they don't know how tight your runway is,' he writes. 'Your children will respect you more when you live with dignity, not dependency. You owe yourself a peaceful retirement. You don't have to buy it with guilt.' The importance of communication and boundaries Agrawal's advice highlights the need for open family conversations about money and retirement. By setting boundaries and putting their own needs first, parents can avoid turning their retirement years into a time of stress.
Economic Times
05-07-2025
- Business
- Economic Times
'Don't turn into an ATM for your kids': Financial advisor share a big wakeup call for middle-class parents
Love, guilt, and financial strain Children ask for capital, not responsibility Live Events Secure your own future first (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Many Indian parents risk their retirement security by giving away large parts of their retirement funds to their adult children without proper planning. Girish Agrawal, a former income tax officer and now a mutual fund advisor for PSU retirees, has warned about this growing trend in a LinkedIn post that has sparked conversation among working professionals and retirees shared a familiar story of a government officer who retires with ₹1 crore after years of service. But soon after retirement, requests for money begin. One child needs funds for a startup. Another's spouse wants to open a franchise. Without a financial plan, the retired officer hands over large sums, driven by love and emotional outcome is often disappointing. 'He became the ATM for everyone else… and forgot to keep cash for himself,' Agrawal writes. 'This is not generosity. This is financial self-neglect, wrapped in emotional guilt.'According to Agrawal, many adult children ask their parents for financial help without understanding the long-term pressure it puts on their parents. Businesses supported by this money often struggle to give returns, leaving the retiree financially insecure.'No structured withdrawal plan, no pension, no safety net—just mounting anxiety and shrinking savings,' Agrawal notes. Without regular income, the retired parent may find it difficult to meet daily recommends that retirees should first create an income plan that will support them for the next 25–30 years. Any financial help given to children should be treated like a business transaction—with clear documentation, repayment terms, and boundaries.'Your children love you—but they don't know how tight your runway is,' he writes. 'Your children will respect you more when you live with dignity, not dependency. You owe yourself a peaceful retirement. You don't have to buy it with guilt.'The importance of communication and boundariesAgrawal's advice highlights the need for open family conversations about money and retirement. By setting boundaries and putting their own needs first, parents can avoid turning their retirement years into a time of stress.(Disclaimer: This article is based on a user-generated post on LinkedIn for informational purposes. has not independently verified the claims made in the post and does not vouch for their accuracy. The views expressed are those of the individual and do not necessarily reflect the views of Reader discretion is advised.)
