Daughters of Boomers Giving More Financial Help to Parents

"Two-thirds of baby boomers' daughters are helping their parents financially, up from 48% five years ago, an Ameriprise Financial survey finds. More women than men worry about their parents' retirement income and have discussed their parents' finances with them." Compared to a similar study conducted in 2007 before the crash, more daughters are helping their parents financially (paying utility bills, housing, & long term care costs) and with household tasks (cooking, cleaning, laundry, transportation). While sons are helping out, they haven't increased their contributions compared to 2007. 
A big concern is the future financial security of these daughters. Extensive research shows women are less prepared for retirement than men. By diverting money (and time away from work) to their parents now, they are putting their own financial security at risk and their children (many un- or under-employed and saddled with education debt) are likely to be less able to help their mothers in the future. A multi-generational dilemma. Women tend to put the needs of their parents and children before their own, risking their financial security in later life. Ann Carrns summarizes the study in The New York Times blog:
http://bucks.blogs.nytimes.com/2012/06/12/daughters-of-boomers-giving-more-financial-help-to-parents-study-finds/http://bucks.blogs.nytimes.com/2012/06/12/daughters-of-boomers-giving-more-financial-help-to-parents-study-finds/

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Daughters of Boomers Giving More Financial Help to Parents

Reviewed by jembe
Published : 2012-06-13T10:21:00-07:00
Rating : 4.5