Majority of Adult Children Cannot Support Boomer Parents, Surveys Finds
Entrusted Legacy Law
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Feb 10, 2023
Pennsylvania - Greater Pittsburgh Area
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A recent survey by the American Advisors Group
(AAG) finds that 55 percent of adult children say they’re not financially
prepared to help their Baby Boomer parents cope with rising inflation and
living expenses.
“Americans want to see their parents age with grace and
dignity and have the resources they need to live comfortably, but for many
families the current economy is making that difficult,” AAG Chief of Marketing
Martin Lenoir said in a news release.
AAG surveyed more than 1,500 adult children, ages 40 to 55,
across the country. Known as the “sandwich generation,” this group faces the
responsibilities not only of raising their children, but also of serving as
caregivers for their aging parents.
Among the survey’s other key findings:
- More
than a third of adult children say they worry that their parents
will become a financial burden for them.
- Nearly
60 percent say they cannot afford any kind of professional elder
care for their parents.
- Yet almost
half admit they’ve never broached the subject of finances with
their senior parents.
- A
full 50 percent of them don’t know how much debt their
parents are carrying.
1 in 3 Adult Children Already Assisting Their Parents
Financially
Another survey, conducted in 2020 by GoHealth, Inc.,
explored GenXers’ and millennials’ involvement in their parents’ financial and
health care needs. It found that one in three GenXers and millennials are
supporting their parents financially. Nearly the same number are managing, or
helping to manage, their parents’ health care.
The survey’s 2,000 GenX and millennial respondents also
reported the following:
- On
average, they spend 11.5 hours per week managing their
parents’ health care by providing transportation, scheduling doctor
visits, and explaining insurance claims. They also estimate they’ll
spend 14 to 16 years continuing to do so.
- 2 in 5
spent more than $10,000 of their own money supporting
their parents in 2020.
- The
vast majority (86 percent of GenXers and 82
percent of millennials) worry about having enough money to
support themselves and their parents.
Squeezing the Sandwich Generation
Adult children will continue to feel the pressure for the
foreseeable future. Every day, on average, 10,000 Boomers (those born between
1946 and 1964) reach age 65, and another 10,000 of them turn 75. According
to research by the Blackstone Group, an independent research firm, nearly
80 percent of middle-income Boomers don’t have any savings designated to cover
their retirement care.
Meanwhile, 30 million Boomers retired from the workforce
amid the COVID-19 pandemic. Saddled with college debt, as well as rising
inflation and housing costs, those GenXers and millennials who still depend on
their parents for financial assistance or housing may no longer be able to
count on that support.
Have ‘The Talk’
It’s important for families to have an honest and respectful
financial conversation before a medical event occurs or the need for care
arises. Talking about money with aging parents can be a delicate
matter, but it’s necessary to understand both the degree of care that may be
needed and the financial resources available to provide it.
For help planning for the future of your Boomer parents, or for your GenXer and millennial children, consult a qualified attorney in your area.
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