I just recently found out my parents have no retirement plans, and their savings are scarce. I’m not even in college yet but I’m really feeling the pressure to be successful so I can take care of them if I need to.
They own no property and have no investments. We’ve always struggled with money and they are also really unaware about financial things so this isn’t a huge shock, but I really did think they would have some sort of a plan.
I don’t think they expect me to take care of them, but I think they think everything will work out on its own.
Maybe I’m being dramatic though, they still gave 9-13 years left before they hit retirement age, is there hope?
First, recognize that this situation isn’t just about money—it’s also about mindset. Your parents’ “it’ll work out” approach might feel frustrating, but it’s not unusual. For a lot of people, financial planning feels overwhelming, abstract, or just not urgent. If you can meet them where they are—without judgment—you might help them shift that perspective.
Start small. Money conversations are tough, especially with parents, because they carry a lot of emotion and history. Instead of diving in with “You need a retirement plan,” focus on something manageable and practical. Maybe it’s introducing them to a high-yield savings account or explaining how a retirement account works. Maybe it’s showing them how compound interest turns small contributions into something significant over time. Knowledge empowers people, but it has to start somewhere simple.
Second, focus on progress, not perfection. If they’ve gone decades without saving, they won’t suddenly become financial planners overnight. And that’s okay. A little progress—setting up an account, saving $50 a month, or learning to budget—can make a big difference over time. Nine to thirteen years isn’t forever, but it’s long enough for meaningful change to happen if they’re consistent.
Third, protect your own future. The instinct to step in and save them comes from a good place, but it’s easy to sacrifice your own stability in the process. Don’t let that happen. Taking care of yourself—building your career, savings, and financial literacy—isn’t selfish. It’s the smartest thing you can do. If you’re strong and secure, you’ll have the freedom to help others without putting yourself at risk.
Lastly, remember this: you’re not alone. This is a common story, one that plays out across generations when financial literacy isn’t prioritized. And while it might feel heavy now, it’s also an opportunity. By learning these lessons early, you’re breaking the cycle. You’re creating a different future for yourself—and maybe, through your example, for your parents, too.
Start small. Lead with empathy. Protect your own future. That’s how you turn an overwhelming problem into something manageable. And that’s how you move forward without carrying it all on your shoulders.