Adult kids hurting parents' retirement plans
Younger workers have good relationships with their parents and their older counterparts, according to recent study from the Harvard Business Review.
58% of Gen Y’s say they look to boomers, rather than their contemporaries, for professional advice, and over three-quarters say they actually enjoy working with the over-50 crowd.
What’s even more interesting though is that a large proportion of Y's (42% of women and 30% of men) report that they talk to their parents every day – largely about money, it seems.
Aside from this regular subsidy, financial ‘help’ from parents includes money for downpayments, weddings, cars, travel, gap years, and pensions.
Some therapists suggest this puts a strain on family dynamics, and also is a financial drain on parents who should be enjoying the freedom of having their lives back, after raising children and sending them to college.
Do you still live with your parents? Are you still helping your adult children over the hump?
By Gordon Powers, MSN Money