Last week, The Kitchens Group, a public opinion research firm in Orlando, FL, released new data about Boomer women and their adult children.
Reuters reported some of the findings including these choice nuggets:
More than half of Baby Boom-generation mothers support adult children financially and 60 percent are the go-to person when their grown kids encounter problems…
Eighty percent of the women said it was “very accurate” to describe themselves as reliable and dependable, a much stronger response than other self-described characteristics — including “spontaneous and flexible,” or “playful and fun” — received.
Of women with children over age 18, nine percent said they had adult children living back home for indefinite periods. Twelve percent were primarily responsible for their adult child or children’s financial well-being and 31 percent said they had children who returned home, relied on them but expected to become independent.
These stats didn’t surprise us much here at AARP. Our own member surveys have shown that 69% of AARP members are providing some level of financial support to their adult-age children.
But what’s a gal to do? I’ve rounded up some of our best articles on the subject including tips for families and resources for kids to get their financial lives in order and prospering.
- How to deal with boomerang kids. - Elinor Ginzler offers some tips in this Prime Time Radio spot.
- What’s a parent to do? – Don’t forget to keep your financial priorities on track.
- 9 Ways to Keep The Peace – It’s not just about money, it’s about your space, privacy and expectations too!
- Dealing with boomerang kids – Communication is key when kids come back home, and here’s some advice on how to do it.
- This is a good time to talk about money and financial planning. Do it as a family even. Learn from each other’s successes and mistakes. Adult children can check out LifeTuner.org as a resource and parents, check out AARP’s Money Tools.
It’s good to know that if you’re in this situation, you’re not alone. But it’s important to remember: don’t let this derail your financial or retirement goals. This could be a phenomenal opportunity for your whole family to learn and grow.