Walletshare

Tue, 09 August 2022 | demographics retirement

Gen X is Worried About their Baby Boomer Parents:

Over half of Gen X adult children do not have enough money to help their senior parents. 55% of adult children said they are not financially prepared to care for their parents in a time of need.
The majority of Gen X adult children are concerned that inflation is hurting their parents' situation. 62% of adult children say they are worried about the impact that inflation is having on their parents' finances.
Over a third of Gen X adult children are worried their parents' financial issues will fall on them. 35% of adult children say they are worried their parents will become a financial burden to them at some point.
Over half of Gen X adult children are not able to afford any type of elder care for their parents. 59% of adult children could not afford in-home nursing care or care at an assisted living facility for their parents.
Half of Gen X adult children in the U.S. do not know how much debt their parents have amassed. 50% of adult children said they are not aware of how much debt their parents currently have.
Most Gen X adult children believe that their parents' home equity could be a financial solution. 60% of adult children said they are in favor of their parents using their home equity to fund their later years.
Over three-fourths of parents have never spoken to their Gen X children about using their home equity. 76% of adult children said they have never discussed utilizing their home equity to fund their retirement years.

Source: AAG