93% of boomers financially support adult children

Posted by RJ & Makay on June 27, 2012

aarp, boomer, carole-fleck, children, support

93% of boomers financially support adult children

Baby boomer fathers are more likely to reach in to their wallets for their adult children, while baby boomer mothers are more likely to be open about the family finances. Ameriprise Financial conducted a survey of 1,600 baby boomers, their parents and the children that are over 18 years old. The survey focused on finances and attitudes toward financial issues. The study showed that financial assistance is given for purchasing vehicles, co-signing on loans and lease agreements, paying for car insurance, helping with car payments and more. The down economy has given rise to situations where family members in all age groups have pulled together to assist each other.

For more information see this AARP article.

RJ & Makay

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