The Money Across Generations SM study conducted for Ameriprise Financial by GfK Roper Public Affairs, makes clear that a large percentage of boomer parents have a difficult time cutting the financial strings.
The study shows that two-thirds of boomer parents are helping adult children pay off college loans or tuition, more than half are contributing to the purchase of a new car and one-third help their adult children deal with living costs ranging from a home mortgage to utility payments.
There is no doubt that financially supporting children is commonplace for boomer parents.
After all, some of the most notable expenses in life such as housing, cars and education, have become extremely expensive, and parents often want what’s best for their kids.
How much of a favor are you doing by providing a constant source of supplemental income to your children?