The Reality of Modern Expenses
Confessions of an Aging Financial Advisor: a series from Truepoint advisor John Evans
As a dad and a financial advisor, I often find myself reflecting on the stark differences between my young adult years and those of my children. One realization that has struck my wife and I recently is just how much more financially demanding life is for them compared to what we experienced at the same age. In our twenties, the list of recurring expenses was short and manageable—basic utilities, rent, basic cable, and a car payment.
Today, our children face an entirely different financial landscape, filled with expenses that didn’t exist in our early adulthood, such as cell phones, high-speed internet, multiple streaming services, and frequent technology upgrades.
A Different Financial Landscape for a New Generation
These modern necessities have fundamentally reshaped the financial reality for young adults. We were able to save for a first home without worrying about monthly subscriptions or the pressure to constantly upgrade our tech. But our children live in a world where connectivity and digital access are just as essential as electricity. This shift has led us to reconsider what meaningful financial support looks like. Rather than cutting them off the moment they graduated college, we’ve chosen to continue supporting them in ways that reflect the current economic reality.
For example, we’ve decided to fund family vacations and contribute to their IRAs. These aren’t acts of indulgence—they’re intentional choices rooted in our values. Vacations allow us to maintain our family bond, while IRA contributions give our children a leg up on long-term financial security that might otherwise be difficult for them to prioritize. These efforts reflect values that we hold closely: preserving family connection and helping to build a solid foundation for their futures.
Another small but meaningful way we support them is by taking care of their cars when they come home to visit. We’ll take the vehicles in for oil changes, fluid checks, tire rotations, and brake inspections—and we cover the cost. It’s not just about the maintenance itself; it gives us peace of mind knowing that something so critical to their safety and mobility, but often low on their list of urgent priorities, has been taken care of. It’s a practical expression of care and a way to quietly ease some of the burdens they’re juggling.
Where Parenting Meets Planning
Some might suggest that we’re shielding them from real-world responsibility, but we see it differently. Ignoring the unique financial challenges of their generation would, in our view, be the greater disservice. We’ve come to accept that the world our children are navigating is fundamentally different from the one we came of age in. The expectations and costs of simply functioning—maintaining a smartphone, staying digitally connected, or managing recurring subscription services—are unavoidable realities. These aren’t extravagances for them; they’re essential tools for their personal and professional lives.
Of course, we’re mindful of the importance of balance. Our children still carry the responsibility for their day-to-day expenses, and they work hard to manage their own priorities. But we see our role as offering a safety net for the things that matter most—supporting their long-term financial well-being, fostering shared experiences, and providing practical help where it’s most needed and least expected.
Ultimately, this perspective reflects both what I’ve learned as a financial advisor and what we’ve learned as parents: good decisions aren’t only about the math. They’re about context, values, and long-term priorities. Supporting our children in these specific ways isn’t about encouraging dependence—it’s about helping them thrive in a world that’s vastly different from the one we knew.
If that makes us pragmatists, we’re happy to embrace the label. Because at its core, both parenting and financial planning are about evolving with the times while staying anchored to what matters most to us.
