Parents providing financial help to their adult children today may soon realize their goodwill comes with a hefty cost
“There’s definitely concern in my mind about the money that boomers are giving to their millennials and gen-X children and I worry they won’t have the resources they need later.”
“If you’re in your late 20s or 30s, looking to buy that first house or condo while paying ridiculous amounts of rent is incredibly hard to do,” McGrath said. “A part of the baby boomer’s mindset right now is that they need to be that support to those adult children.” Some boomers recognize they’re going to live a long post-retirement life, but McGrath said many haven’t given that stage of life, and what it will entail financially, enough consideration.“I like to say fair isn’t always equal and equal isn’t always fair, but gifting money to one child and not the other can be risky,” McGrath said.
“If parents aren’t going to treat equally, they need to explain why so that the child receiving the money isn’t going to feel guilty and the others won’t feel jealous that they’re not benefitting,” she said. This generation is most likely to confess that their parents were always worried about money “and they were, too.” More than half also have low confidence in their financial knowledge.
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