A new survey from VibrantNation.com, a website for successful women over the age of 50, has found that almost half of boomer women are supporting their adult children financially, and more than a third are dipping into their own retirement savings to do so.
Here are the key findings from their survey, which was sent to over 50,000 members, e-newsletter subscribers, Facebook fans and Twitter followers:
- You Never Stop Being a Parent: 44% of Boomer women report that they are helping their adult children financially and otherwise more than they anticipated or budgeted because of the economy.
- 24-Hour Mom ATM: More than one quarter of Boomer women are helping adult children with housing costs (29%) and daily living expenses (26%). Fewer, though still rather significant percentages, are helping with education (17%) and healthcare (17%) costs.
- Dipping into the Piggy Bank: 35% reported that they are using funds set aside for their retirement/future to help an adult child and/or grandchild.
- The Un-Empty Nest Syndrome: 37% of Boomer women say they have one or more adult child currently living with them. Of these, 29% reported that they charge their adult child rent and 16% have set a limit on how long the adult child can remain. Of those who said they had set a limit, 45% have extended their original deadline because of the recession.
As you’ll know if you’ve been reading this blog for any length of time, we recommend against dipping into retirement savings or otherwise compromising your own financial situation to support your adult kids. Help your kids in whatever way feel right for you, but remember to take care of yourself, too.
You can read more about the VibrantNation survey in their press release here.