The Majority of Adult Children Cannot Support Baby Boomer Parents...

A recent survey by the American Advisors Group (AAG) finds that 55 percent of adult children say they are 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.

55 percent of adult children say they are not financially prepared to help their Baby Boomer parents cope with rising inflation and living expenses.

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 have never broached the subject of finances with their senior parents.
• A full 50 percent of them do not know how much debt their parents are carrying.

1 in 3 Adult Children Already... [ READ MORE ]