Survey: Retirement Money Spent on Children
June 17, 2009 by Stephen Kersey
Filed under Finance
According to a new survey by VibrantNation.com, more than 33% of women in the Baby Boomer generation have been forced to spend retirement money on their adult children. Obviously, the current national economic downturn is playing a big part.
Here are a few more stats from the survey:
44% – The percentage of Baby Boomer women who are financially helping their adult children more than they expected due to the economic downturn.
29% – The percentage of Baby Boomer women who are helping their adult children with housing costs.
37% – The percentage of Baby Boomer women who have an adult child living at home.
26%, 17%, 17% – The percentages that Baby Boomer women are paying for daily living expenses, education and healthcare of their adult children, respectively.
Said Stephen Reily, the CEO of VibrantNation.com: “We are accustomed to hearing about Boomers’ aging parents moving in to be cared for by their Boomer generation children. The reality of the current economy, however, has placed an even greater burden on many Boomers who now find themselves not only caring for their parents, but also providing significant financial support as well housing for their own grown children. This wasn’t part of their retirement planning and it provides members of this Vibrant Nation with some distinct challenges.”
Do you have an adult child draining your retirement money? (Image: Flickr)
