Parents Still Bailing Out Their Kids

A recent study by Ameriprise Financial Money Across Generations Study, shows that while the children of boomers (Gen Y) are reaching adulthood, their parents are still “footing the bill.”

A substantial number of boomers are helping their adult kids pay college loans, buy a car, pay household expenses, live at home rent-fee, and more.

I know what you are thinking…everyone (who can) wants to help out their kids. But how is this assistance affecting their own financial wellness, especially when it comes to saving for retirement, elder care (for the parents of boomers) and just a rainy day?

As financial experts, credit unions can educate parents on products and services that can help their kids manage money more successfully and reduce the financial stress on the family.

The GiveMe20.com website can help your credit union provide great advice to your existing parent member base immediately.

If you are a credit union that is a member of PSCU Financial Services, go to www.projectnewage.com and click on the “sign up” button to become part of the FREE Credit Union Search Database. Then, we’ll send you a credit union specific link to the GiveMe20.com website, as well as several web banner options to pick from.

 

You can access the entire Ameriprise Financial Money Across Generations Study Report at www.ameriprise.com.