Dave Ramsey warns of harmful effects of ‘helicopter’ parents

Way of life

By Kayla Bailey, Fox News

May 23, 2023 | 3:24 p.m.

Renowned financial adviser Dave Ramsey has ruffled the feathers of parents nationwide with his old-school solution for youngsters trying to save money.

The online debate began when a group of Texas parents revealed they had started charging rent for their 19-year-old daughter to live at home – advice they had taken from Dave Ramsey.

The Ramsey Solutions founder elaborated on his point during an appearance on “Fox & Friends,” saying traditional savings methods will leave young adults “well prepared for life.”

“This 19-year-old girl was well prepared for life. And parents who had common sense, love and kindness. They were using rent not as a method of making money with their child, they were using rent as a reason to give him a reason to move on and leave the nest. And she did. She stayed there only a few months, went to found her own house. And she was able to do it because she had a good mom and a good dad who coached her,” Ramsey explained to co-host Steve Doocy.

The personal finance professional backed up his claim with a stark warning to ‘helicopter parents’.

“We have a group of people who have 28 year olds living in their basement. Mama helicopter takes care of everything. They’re sitting amidst their participation trophies and, ironically, playing Call of Duty. I mean, think about it, it’s crazy,” Ramsey continued.

“You are doing your child a disservice when you allow him to have a hammock in your house. You are do them a favor when they have a safety net. Sometimes children, adults, go through difficult times and have to go home a bit. I would take care of my kids that way, but they won’t live with me forever, because they don’t have dignity when they do that. They don’t feel confident about how to approach the world.

Some parents have adopted Ramsey’s savings technique called Financial Peace Junior, which prompts children with a “give”, “save”, and “spend” envelope.

Every time the child brings home money, he is forced to divide his winnings into what he feels is the most effective and sensible envelope option.

“It’s not that the kid is going to change the world with any of these things, but we’re just building muscle. You know, we make them do their homework, we make them brush their teeth, we make them put the dishes in the dishwasher, hopefully. And so where they go to build their muscles of things that give them life skills,” Ramsey said Thursday.

“My job as a parent is not to create great children. It’s about growing children into great adults,” he concluded.