The online survey discovered whether adult children expect to provide financial support for their parents once they reach their 90s
Financial support for parents: Millennials and Gen Xers opinions revealed. Source: shutterstock.com
AgeUp revealed research on how Millennials and Gen Xers are planning to financially protect their parents.
The study unveiled that although the majority of both generations believe they will provide financial support for their parents, they don’t want to ask them about it.
68% of Millennials and Gen Xers think they will provide financial contributions to the parents if they outlive their retirement savings.
Along with that, 67% of them said they’ll make the majority of their parents’ financial decisions if they reach their 90s.
The study showed that 47% of the adult children of Boomer generation consider discussions with parents about their retirement savings as “very important” or “extremely important”.
In addition to that, only 37% have already taken their parents and in-laws into account for their long-term financial plans.
Respondents ranked talking about their parents’ personal finances as one of the most awkward subjects, second only to sex.
At the same time, 71% of people surveyed said they know little or nothing about their parents’ finances. 56% either never speak with their parents about their financial plans for retirement, or speak about it once in a year.
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