How much money should you give your parents? Read on below to see our take on why you should give back to your parents and how much you should give to them.
So They Can Enjoy Retirement
Most of our parents have worked hard in order to bring us and our siblings up, and during that duration they would have spent a large chunk of their hard earned money on us. Therefore, the least a child can do upon entering the workforce is to provide their parents with some monetary assistance.
Even if they already have pensions or savings from EPF, the amount you hand to them can help to ensure they get to enjoy retirement without worrying about being strapped for cash. And did you know that many Malaysians cannot afford to enjoy their retirement because they don’t have enough savings? EPF numbers shows that only 22% of their active contributors aged 54 years and above have enough savings for retirement.
Aside from that, studies also show that the global life expectancy has increased, meaning people are living for longer these days. A study published by Khazanah Research Institute, “Population Aging: Can We “Live Long and Prosper”?” shows that Malaysia will also face the global trend of population aging. As a result of that, this means Malaysians will live longer however most of them do not have any income or enough savings to support themselves. Therefore by giving to your parents you will be doing your bit to ensure they live their retirement in comfort.
You Learn To Give
It will give you a sense of accomplishment, and you know how the saying goes “the hand that gives is better than the hand that receives.” No matter how much the amount you give to your parents, you learn the act of giving by doing so and it can also teach you to be less selfish. Aside from that, you would also be making your parents proud by giving them money (even if they won’t tell you!) because it shows you’ve grown into a financially stable adult who has their financial matters well under control.
The Gesture Counts More Than The Amount
Although most parents do not ask directly, or even expect their children to give them money, do know that more often it is the gesture that counts more when it comes to parents. So even if it is not expected of you, the act of giving money to your parents is more of a gesture to show you care and love them. At the end of it all, we should all practice filial piety with our parents.
So How Much Should You Give?
Ideally it would be good if you can ensure the amount of money you give your parents takes care of their medical bills and basic expenses. But if that’s not possible, no matter what amount you give them it is bound to come in handy to relief some financial burden off your parents. Below is a guide of how much you can give your parents to cover for their necessities. But do note that you don’t have to make sure you provide enough to cover for all, although if you can afford to do so, you should!
- RM150 for electricity
- RM300 for groceries
- RM150 for insurance
So let’s say you give them RM500 every month, you will then be helping them out with their groceries and electricity. However, if you can only afford to give them RM200 a month, you’re still helping out with their electricity bills, so every bit really does help. Of course, there are other expenses that need to be accounted for depending on an individual and how much you can afford to give your parents will greatly depend on how much money you earn.
Do remember that your parents will be growing older and health complications are bound to come with old age, making a good medical insurance policy a necessity as well. Ensuring they have the right medical coverage and helping them with the monthly payments will also put both your parents and yourself at ease.
As we’ve mentioned before, most of the time it is not the amount but more of the act of giving itself
But let’s say you really don’t have money to give your parents after you pay for all your financial commitments. Don’t worry, here are some suggestions on how you can give back to your parents aside from handing them cash. Because giving back to your parents need not always be about providing them with financial support per se.
- Visit more often. Your time is priceless to your parents.
- Do household chores for them
- Contribute by getting groceries for your parents
- Drive them to their doctor’s appointment
- Treat them to dinner or lunch every once in a while
So the next time your mother says, “I haven’t eaten at that seafood restaurant in a while”, take the hint and treat her to a meal at her favourite eatery! Although the difference in our upbringing can mean parents may or may not expect to receive money from their children, do know that there are other ways to give back to your parents, and it’s not always just about handing them money.