ARE BABY BOOMERS FINANCIALLY SPOILING THEIR “KIDS”?
The Baby Boomer generation is setting yet another milestone. No other generation in history has spent so much money on its kids – grown kids, that is! Credit counselors report a noticeable trend: more and more boomer parents are financially assisting their adult children. Indeed, an Ameriprise Financial study found that two-thirds help with college loan payments and more than half helped their child buy a new car. One-third of those surveyed assist adult children with routine living expenses. This isn’t surprising, given the economic challenges confronting today’s young adults. Boomer children are saddled with more student loan debt than their parents. Housing costs have soared since the 1970s and job stability isn’t so common anymore. Many boomer kids have owned credit cards for years, but never learned how to use them wisely. If you?re entangled in the financial affairs of your adult children, put yourself in “time out.” Carefully consider the ramifications of your behavior. You may
