More than half of Gen X parents worry about supporting their adult kids, survey shows
The post More than half of Gen X parents worry about supporting their adult kids, survey shows appeared on BitcoinEthereumNews.com.
Financial planning. Budgeting. Expense tracking. Profit and loss analysis. Data analysis. Spreadsheet software. Productivity. Efficiency. Financial literacy. Personal finance. Business finance. Natalia Gdovskaia | Moment | Getty Images As Adinah Caro-Greene maps out her financial future, there’s a variable that may have held less weight for previous generations: her child. The employee benefits broker said she’s seen how rising education, housing and health-care costs have created economic challenges for her Gen Z son and his peers. Part of the Bay Area resident’s long-term financial goals is to fully pay off a rental property that he can inherit and potentially live in. “It’s uniquely hard for kids now,” said Caro-Greene, 45. “Seeing how hard it is for my son’s generation has motivated me to do what I can.” Caro-Greene isn’t alone. A majority — or 53% — of Gen X parents who are worried their child may need financial support well into adulthood, according to a U.S. Bank survey of around 2,500 adults released earlier this year. That’s compared with just 37% of parents across all generations. Gen X is a “sandwich” generation, facing the financial pressures of simultaneously supporting parents in retirement and kids as they come of age. Most Americans are grappling with the runaway inflation that followed the pandemic, but parents in this age group are uniquely focused on whether their kin will ever be able to make it without monetary aid. A ‘worried’ generation Gen Xers have grown up amid less-than-ideal economic conditions, which can bolster feelings of uncertainty, said Tom Thiegs, family wealth coach at U.S. Bank’s Ascent Private Capital Management. Notably, he pointed out that they’ve witnessed four of the five largest stock market crashes in history within their lifetimes. They were among the first to mainly utilize 401K plans for retirement rather than pensions,…
Filed under: News - @ December 15, 2024 12:19 pm