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Showing posts from June, 2015

Are Your Kids Delaying Your Retirement and Are You Delaying Their Self-Sufficiency?

It seems that the wealthier you are, the greater your chances of financially helping your adult children. Pew Research Center data compiled in late 2014 revealed that 38% of American parents had given financial assistance to their grown children in the past 12 months, including 73% of higher-income parents.1 The latest Bank of America/USA Today Better Money Habits Millennial Report shows that 22% of 30- to 34-year-olds get financial help from their moms and dads. Twenty percent of married or cohabiting millennials receive such help as well.2  Do these households feel burdened? According to the Pew survey, the answer is no. 89% of parents who had helped their grown children financially said it was emotionally rewarding to do so. Just 30% said it was stressful.1 Other surveys paint a different picture.  Earlier this year, the financial research firm Hearts & Wallets presented a poll of 5,500 U.S. households headed by baby boomers. The major finding: boomers who were not supporting t…