It's getting harder for parents to raise financially independent young adults.
Many banks refuse to open individual checking accounts for 16- and 17-year-olds, requiring parents to jointly own the account, even if the youngsters have a job. Colleges urge parents to link their bank accounts or credit cards to the prepaid cash cards that double as their students' ID cards, to ensure a regular flow of funds from the Bank of Mom and Dad.
And under the new credit-card law that goes into effect early next year--part of a broader move toward aggressive consumer protection--parents of those under 21 will have to agree to take responsibility for their kids' credit cards unless the young applicants can show they have the income to qualify.
All of this seems to encourage parents to interfere with--and maybe even bail out--these young adults. And it comes at an age when the youngsters themselves should be taking on personal responsibility and making their own financial decisions.
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