--- title: 5 Reasons Your Adult Children May Need Help Financially description: The children of the Boomer generation have faced a different financial landscape as compared to their parents. image: https://www.living50.com/hubfs/Plain%201024x512/Copy%20of%205%20Reasons%20Your%20Adult%20Children%20May%20Need%20Help%20Financially.jpg --- - [Home](https://www.living50.com) - [Money](https://www.living50.com/blog/tag/money) - [RetireSmart](https://www.living50.com/blog/tag/retiresmart) - [Managing Money](https://www.living50.com/blog/tag/managing-money) - [Housing](https://www.living50.com/blog/tag/housing) - [Affording Long-term Care](https://www.living50.com/blog/tag/affording-long-term-care) - [Medicare](https://www.living50.com/blog/tag/medicare) - [Generosity](https://www.living50.com/blog/tag/generosity) - [Lifestyle](https://www.living50.com/blog/tag/lifestyle) - [Mindset](https://www.living50.com/blog/tag/mindset) - [Relationships](https://www.living50.com/blog/tag/relationships) - 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[Housing](https://www.living50.com/blog/tag/at-home) - [Housing](https://www.living50.com/blog/tag/housing) - [Moving](https://www.living50.com/blog/tag/moving) - [eBook - Your Guide to Finding a New Home After 50](https://www.living50.com/guide-finding-new-home-after-50-ebook-lp) - [Downsizing](https://www.living50.com/blog/tag/downsizing) - [Housekeeping](https://www.living50.com/blog/tag/housekeeping) - [Second Homes](https://www.living50.com/blog/tag/second-homes) - [eBook - Second Homes: Making the Dream a Reality](https://www.living50.com/second-home-ebook-lp) - [Housing Resources](https://www.living50.com/housing-resources) - [Travel](https://www.living50.com/blog/tag/travel) - [Domestic Travel](https://www.living50.com/blog/tag/domestic-travel) - [Foreign Travel](https://www.living50.com/blog/tag/foreign-travel) - [Travel Finance](https://www.living50.com/blog/tag/travel-finance) - [eBook - 55+ Travel: The Why, Where, and How](https://www.living50.com/travel-ebook-lp) - [Travel Resources](https://www.living50.com/travel-resources) - [Health](https://www.living50.com/blog/tag/health) - [Medicare](https://www.living50.com/blog/tag/medicare) - [Diet and Food](https://www.living50.com/blog/tag/diet) - [Exercise](https://www.living50.com/blog/tag/exercise) - [Safety](https://www.living50.com/blog/tag/safety) - [Sleep](https://www.living50.com/blog/tag/sleep) - [Getting Older](https://www.living50.com/blog/tag/getting-older) - [Care](https://www.living50.com/blog/tag/care) - [Senior Living](https://www.living50.com/blog/tag/senior-living) - [Long-term Care Resources](https://www.living50.com/long-term-care-resources) - Media - [Blog](https://www.living50.com/blog) - [eBooks](https://www.living50.com/ebooks-and-more) - [Videos](https://www.living50.com/videos) - [Video Blog Posts](https://www.cantissimoseniorliving.com/blog/tag/video) - [Home](https://www.living50.com) - [Money](https://www.living50.com/blog/tag/money) - [RetireSmart](https://www.living50.com/blog/tag/retiresmart) - [Managing Money](https://www.living50.com/blog/tag/managing-money) - [Housing](https://www.living50.com/blog/tag/housing) - [Affording Long-term Care](https://www.living50.com/blog/tag/affording-long-term-care) - [Medicare](https://www.living50.com/blog/tag/medicare) - [Generosity](https://www.living50.com/blog/tag/generosity) - [Lifestyle](https://www.living50.com/blog/tag/lifestyle) - [Mindset](https://www.living50.com/blog/tag/mindset) - [Relationships](https://www.living50.com/blog/tag/relationships) - [Love & Dating](https://www.living50.com/blog/tag/dating) - [Grandparenting](https://www.living50.com/blog/tag/grandparenting) - [Friendship](https://www.living50.com/blog/tag/friendship) - [Family](https://www.living50.com/blog/tag/family) - [Retired Living](https://www.living50.com/blog/tag/retired-living) - [Hobbies](https://www.living50.com/blog/tag/hobbies) - [Entertainment](https://www.living50.com/blog/tag/entertainment) - [Leisure](https://www.living50.com/blog/tag/leisure) - [Games](https://www.living50.com/blog/tag/games) - [Play](https://www.living50.com/games-entertainment) - [Technology](https://www.living50.com/blog/tag/technology) - [Outdoor Activities](https://www.living50.com/blog/tag/outdoor-activities) - [Housing](https://www.living50.com/blog/tag/at-home) - [Housing](https://www.living50.com/blog/tag/housing) - [Moving](https://www.living50.com/blog/tag/moving) - [eBook - Your Guide to Finding a New Home After 50](https://www.living50.com/guide-finding-new-home-after-50-ebook-lp) - [Downsizing](https://www.living50.com/blog/tag/downsizing) - [Housekeeping](https://www.living50.com/blog/tag/housekeeping) - [Second Homes](https://www.living50.com/blog/tag/second-homes) - [eBook - Second Homes: Making the Dream a Reality](https://www.living50.com/second-home-ebook-lp) - [Housing Resources](https://www.living50.com/housing-resources) - [Travel](https://www.living50.com/blog/tag/travel) - [Domestic Travel](https://www.living50.com/blog/tag/domestic-travel) - [Foreign Travel](https://www.living50.com/blog/tag/foreign-travel) - [Travel Finance](https://www.living50.com/blog/tag/travel-finance) - [eBook - 55+ Travel: The Why, Where, and How](https://www.living50.com/travel-ebook-lp) - [Travel Resources](https://www.living50.com/travel-resources) - [Health](https://www.living50.com/blog/tag/health) - [Medicare](https://www.living50.com/blog/tag/medicare) - [Diet and Food](https://www.living50.com/blog/tag/diet) - [Exercise](https://www.living50.com/blog/tag/exercise) - [Safety](https://www.living50.com/blog/tag/safety) - [Sleep](https://www.living50.com/blog/tag/sleep) - [Getting Older](https://www.living50.com/blog/tag/getting-older) - [Care](https://www.living50.com/blog/tag/care) - [Senior Living](https://www.living50.com/blog/tag/senior-living) - [Long-term Care Resources](https://www.living50.com/long-term-care-resources) - Media - [Blog](https://www.living50.com/blog) - [eBooks](https://www.living50.com/ebooks-and-more) - [Videos](https://www.living50.com/videos) - [Video Blog Posts](https://www.cantissimoseniorliving.com/blog/tag/video) [Money](https://www.living50.com/blog/tag/money),[RetireSmart](https://www.living50.com/blog/tag/retiresmart),[Relationships](https://www.living50.com/blog/tag/relationships),[Managing Money](https://www.living50.com/blog/tag/managing-money),[Family](https://www.living50.com/blog/tag/family) # 5 Reasons Your Adult Children May Need Help Financially [![Pete Keers](https://www.living50.com/hs-fs/hubfs/peter-keers-intro.jpeg?width=32&height=32&name=peter-keers-intro.jpeg) Pete Keers](https://www.living50.com/blog/author/pete-keers) calendar icon Aug 21, 2023 · Reading time 6 [mailto:?subject=Check%20out%20https://www.living50.com/blog/reasons-adult-children-need-help-financially&utm_medium=social&utm_source=email%20&body=Check%20out%20https://www.living50.com/blog/reasons-adult-children-need-help-financially&utm_medium=social&utm_source=email](mailto:?subject=Check%20out%20https://www.living50.com/blog/reasons-adult-children-need-help-financially&utm_medium=social&utm_source=email%20&body=Check%20out%20https://www.living50.com/blog/reasons-adult-children-need-help-financially&utm_medium=social&utm_source=email) As noted in our recent post, [Should You Help Your Adult Children Financially?](https://www.living50.com/blog/should-you-help-adult-children-financially), the children of the Boomer generation have faced a different financial landscape as compared to their parents. The situation is not confined to the United States. For example, Chinese workers between 16 and 24 are experiencing a 21.3% unemployment rate, spurring a trend of some parents [paying their adult children the equivalent of a full-time salary](https://finance.yahoo.com/news/chinese-youth-unemployment-dire-parents-110000305.html) to live at home and help around the house. Some call it being paid to be a kid. While no similar trend has been reported in the U.S., post-Boomer generations struggle with specific impediments in their quest for financial independence.  ## **1. Housing Blues** Housing costs have prevented young adults from progressing financially. A [2021 CNBC analysis](https://www.cnbc.com/2021/11/10/home-prices-are-now-rising-much-faster-than-incomes-studies-show.html) showed that between 1965 and 2020, home prices exploded by 118% compared to a mere 15% increase in household income during the same period after adjusting for inflation. ![Growth in U.S. home values outpaces that of incomes since 1965](https://lh5.googleusercontent.com/CT5gtg8A0NMKtVEIw4CO8ude45C0zxHQuUXZI6je7uznbFg-wIhqfOfnvOvWIpyWC5CGv2XYPJBWCKS8ZnCWYm1OVubG3v9XJV4yrymNcJuf3xuUgTwUkFOMdz6xyJkanKv0W-FrMB7VWvKDdEvaq78) This has resulted in Millennials (adults aged 28-44) lagging the Boomer and Gen X generations in home ownership by age 30, according to[Apartment List's 2023 Millennial Homeownership Report](https://www.apartmentlist.com/research/millennial-homeownership-2023). | **Generation** | **Homeownership by Age 30** | | --- | --- | | Millennials (1979-1995) | 42% | | Gen X (1964-1978) | 48% | | Baby Boomers (1946-1963) | 51% | | Silent Generation (1925-1945) | 60% |   Another way to look at this is that, in 1981, the average home buyer was between 25-34. Today, the average homebuyer is 44. Further analysis in the report also showed that Millennials who still rent have become increasingly pessimistic about ever becoming homeowners in recent years. In 2018, 13% said they expected to be renters forever. By 2022, this jumped to nearly 25%. Although the pandemic was partly responsible for the sharp increase, the overall rise in the cost of buying a home is likely the main driver of this trend. Those who rent are not immune from rising costs. Average monthly rents have increased 8.85% per year since 1980, while inflation over the same was 3.09% on average. For those adult children who buy a home, parents frequently help financially, usually by contributing via gift or loan for a downpayment. Of homebuyers between the ages of 24-32, 22% depended on help from a friend or family member. Also, in the same age group who saved up for a downpayment, student loans, and credit card debt were major factors in extending the time needed to accumulate the money by a median of three years. ## **2. Student Loan Load** According to data from the[National Center for Education Statistics (NCES)](https://nces.ed.gov/programs/digest/d21/tables/dt21_330.10.asp), average undergraduate college tuition cost more than tripled from 1963 ($4,336 in 2020 dollars) to 2020 ($13,777). When federally guaranteed student loans debuted in 1965, many Boomers with college degrees often could cover higher education costs through employment earnings, help from their families, scholarships, etc. Their children were not so fortunate since these money sources were not enough to keep up with runaway tuition inflation. As a result, student loan indebtedness has ballooned to[$1.78 trillion](https://www.lendingtree.com/student/student-loan-debt-statistics) with an[average monthly payment of $503](https://educationdata.org/average-student-loan-payment), which the typical borrower will pay for 20 years. This has had a profound impact on the financial stability and wealth-building ability of student loan borrowers, who generally range from 20 to 40 years. As author Anya Kamenetz (Generation Debt, 2006) states, these borrowers are "waiting longer to get married and have children, making people less likely to own a home, start a business or leave their hometowns." Want to learn more about helping your children financially? [Click here or the button below to download our Helping Your Adult Children Financially: Volume 1 – Why They Need Help eBook.](https://www.living50.com/helping-adult-chidren-financially-v1-ebook-lp) [![Helping Your Adult Children Financialli: Volume 1 - Why They Need Help](https://no-cache.hubspot.com/cta/default/7364579/interactive-150636589440.png)](https://www.living50.com/hs/cta/wi/redirect?encryptedPayload=AVxigLKl2DC66UQJDqkfOAqFg74mxunJmOofFD2QtPiD00oeWykIvQX9%2FD1QTfa3JWbZy%2FfKM1VZ97M9lrqsVR%2FJM8ir0JfCjZ4nQ18ETmVJja97qOWY5UPZ3wtlFadNvVY3QvB4Dvt0XuZNZ4rhmxa9a2r7i41m%2FMvvwqTFFUCbp37iFe%2Fs0J1Od1T4nizQ0M9bYodM1bltbUV9IODPNhAeQmo9PcEmag2IpCc%3D&webInteractiveContentId=150636589440&portalId=7364579) ## **3. Credit Card and Other Debt Burdens** America's love affair with credit cards and other forms of debt has grown to record levels across all generations. For example, the Federal Reserve reported that [credit card debt](https://www.cnbc.com/2023/06/09/how-much-credit-card-debt-americans-hold-by-age.html) is nearly a trillion dollars ($988 billion) as of June 2023. It's not just credit cards. Averages for the other major non-mortgage debt types show that households of all ages carry a significant amount of debt. ### Average Non-Mortgage Debt Balances by Generation | **Debt type (balances)** | **Gen Z** | **Millennials** | **Gen X** | **Boomers** | | --- | --- | --- | --- | --- | | Auto | $9,894 | $14,836 | $16,836 | $10,611 | | Credit card | $2,789 | $6,408 | $8,917 | $7,564 | | Student loan | $7,067 | $15,014 | $12,680 | $5,083 | | Personal loan | $1,915 | $5,299 | $7,348 | $5,050 | | **Total** | **$21,665** | **$41,557** | **$45,781** | **$28,308** | Source:[LendingTree analysis](https://www.lendingtree.com/debt-consolidation/generational-debt-study/) of more than 150,000 anonymized credit reports on the LendingTree platform.  Not surprisingly, Gen X and Millennials carry the biggest load. They are the ones most likely to be simultaneously saddled with both looming college costs and caring for aging parents. Members of Gen Z, on the other hand, are early in their financial journey, so they have had less time to experience the financial burdens faced by their older siblings. In any case, paying off debt restricts opportunities to amass wealth. As noted above, Boomers have paid off more of their debt load, so they potentially have more financial flexibility to help their adult children with their debts.  ## **4. Childcare Burden** Adult children with children of their own shoulder a significant cost burden. According to 2020 figures from the[Economic Policy Institute](https://www.epi.org/child-care-costs-in-the-united-states/), U.S. households with children spend between 19% to 29% of their income on child care. The actual amounts vary based on location, number of children, and type of care. Young workers depend on stable employment as one of the top ways to build wealth. Yet, a 2022 study by the bipartisan[Council for a Strong America](https://www.strongnation.org/articles/2038-122-billion-the-growing-annual-cost-of-the-infant-toddler-child-care-crisis) found that problems resulting from expensive and difficult-to-find childcare resources were hurting young working parents at their jobs. These parents were experiencing: - Less time at work - Lower effort and productivity at work - Work disruptions - Diminished career pathways | Been late for work | 64% | | --- | --- | | Left work early | 64% | | Missed a full day of work | 58% | | Been distracted to the point of being less productive | 53% | | Missed part of the middle of work shift | 44% | | Reduced your regular work hours | 44% | | Turned down a new job offer | 41% | | Had your pay or hours reduced | 37% | | Turned down further education/training | 36% | | Had problems participating in work-related education/training | 33% | | Changed from full-time to part-time work | 33% | | Been reprimanded by a supervisor | 30% | | Turned down a promotion/ reassignment | 28% | | Quit a job | 26% | | Been let go or fired | 23% | | Been demoted or transferred to a less desirable position | 17% | ## **5. Retirement Savings Barriers** With income failing to keep pace with rising costs, it's no wonder post-Boomer generations are struggling to achieve financial independence. This pressure also negatively impacts retirement savings. The [Goldman Sachs Retirement Survey & Insights Report 2022](https://www.gsam.com/content/gsam/us/en/institutions/market-insights/gsam-insights/2022/retirement-survey-insights-2022.html) showed that post-Boomer generations perceive significantly more impediments to retirement savings. ### What Affected Your Ability to Save for Retirement? | **Impacted Savings Ability** | **Boomers** **(1946-1963)** | **Gen X** **(1964-1978)** | **Millennials** **(1979-1995)** | **Gen Z** **(1996-2012)** | | --- | --- | --- | --- | --- | | Too many monthly expenses | 56% | 72% | 84% | 82% | | Caring for or financially supporting family members | 38% | 63% | 79% | 75% | | Paying down existing loans, including student loans | 36% | 59% | 76% | 75% | | Time out of the workforce for child or elder care | 31% | 55% | 72% | 75% | | Credit card debt | 40% | 55% | 71% | 58% | | Saving for college | 14% | 43% | 67% | 63% | | Other financial hardships | 51% | 67% | 76% | 79% | One piece of good news is that[ many members of the post-Boomer generations are saving for retirement](https://transamericainstitute.org/docs/default-source/research/post-pandemic-retirement-realities-multigenerational-workforce-report-july-2023.pdf). Also, of those saving, the younger they are, the sooner they started. However, given the median amount saved so far, many members of all three generations have a long way to go before they accumulate meaningful savings to achieve a comfortable retirement. Sadly, about one in ten of each generation have $0 in retirement savings. | **Generation** | **Age Started Saving\*** **(Median)** | **Estimated Median** **(including $0)** | **No Retirement Savings** | | --- | --- | --- | --- | | Gen X (1964-1978) | 30 | $82K | 11% | | Millennials (1979-1995) | 25 | $49K | 10% | | Gen Z (1996-2012) | 19 | $29K | 9% | \* Workers who are saving for retirement through an employer-sponsored retirement plan and/or outside of work. ## **The Bottom Line: The Kids Could Use Some Help** The financial obstacles faced by the post-Boomer generations are significant. Boomer parents who are lucky enough to have some free financial resources to help their adult children would be addressing some real needs. However, it's important to make an objective assessment of your resources before you throw out a lifeline. In an upcoming post, we'll explore some ideas to ensure you preserve your own financial health as you consider helping your adult children. [Click here or the button below to subscribe to our blog!](https://www.living50.com/subscribe) [![SUBSCRIBE TO OUR BLOG](https://no-cache.hubspot.com/cta/default/7364579/interactive-131235270293.png)](https://www.living50.com/hs/cta/wi/redirect?encryptedPayload=AVxigLLmplWjp8q2CeCgQ05Z%2BcCkE7z4iatf7EJv6NjujTjfkcqE63M15WXeh7JYno92%2BmmH4saBrsolo03G7YY8GvvJSnNaz6IiVoXBysuT5f%2FDWwAbV6RoVj0FeXNsqyWTxWW8Tn6P3o6d3nex%2FmTRTK0KFDVkbfxP3fQrSw4CThjQonP0ASY%3D&webInteractiveContentId=131235270293&portalId=7364579) calendar icon Aug 21, 2023 · Reading time 6 [mailto:?subject=Check%20out%20https://www.living50.com/blog/reasons-adult-children-need-help-financially&utm_medium=social&utm_source=email%20&body=Check%20out%20https://www.living50.com/blog/reasons-adult-children-need-help-financially&utm_medium=social&utm_source=email](mailto:?subject=Check%20out%20https://www.living50.com/blog/reasons-adult-children-need-help-financially&utm_medium=social&utm_source=email%20&body=Check%20out%20https://www.living50.com/blog/reasons-adult-children-need-help-financially&utm_medium=social&utm_source=email) --- [![Pete Keers](https://www.living50.com/hs-fs/hubfs/peter-keers-intro.jpeg?width=100&height=100&name=peter-keers-intro.jpeg)](https://www.living50.com/blog/author/pete-keers) ### [Pete Keers](https://www.living50.com/blog/author/pete-keers) Pete's professional experience ranges from sales, marketing, and IT positions in Fortune 500 organizations to a leadership role for a successful technology venture. With heavy financial services and medical device emphasis, he has a knack for understanding the unique needs for a wide variety of industry verticals. He holds a Bachelor of Science in Business from the University of Minnesota also earned his MBA from the University of Minnesota. Recently retired from his full-time role, Pete now spends much of his time writing about a variety of interests and passions. If you are interested in learning more about Pete and his business, Concision Communications LLC, visit his website at: https://concisioncomm.com/ - [What Is Music Therapy? And What Are the Benefits?](https://www.living50.com/blog/what-is-music-therapy-and-what-are-the-benefits) - [10 Hot Weather Safety Tips](https://www.living50.com/blog/10-hot-weather-safety-tips-for-older-adults) - [5 Ways to Safely Store Your Personal Information](https://www.living50.com/blog/5-ways-to-safely-store-your-personal-information) - [Discovering Your Roots: 11 Ways To Connect With Your Heritage](https://www.living50.com/blog/discovering-roots-connect-heritage) ![Helping Adult Children Financially: Part 2 - Education Expenses](https://www.living50.com/hs-fs/hubfs/pexels-pixabay-261909-1.jpeg?width=600&name=pexels-pixabay-261909-1.jpeg) [Money](https://www.living50.com/blog/tag/money)[Relationships](https://www.living50.com/blog/tag/relationships)[Managing Money](https://www.living50.com/blog/tag/managing-money)[Family](https://www.living50.com/blog/tag/family)[Education](https://www.living50.com/blog/tag/education) ## [Helping Adult Children Financially: Part 2 - Education Expenses](https://www.living50.com/blog/helping-adult-children-financially-education-expenses) Education is an area in which parents often help their children by covering the costs of schooling,... Jan 19, 2024Reading time 10 ![Should You Help Your Adult Children Financially?](https://www.living50.com/hs-fs/hubfs/Plain%201024x512/Copy%20of%20Should%20You%20Help%20Your%20Adult%20Children%20Financially%3F.jpg?width=600&name=Copy%20of%20Should%20You%20Help%20Your%20Adult%20Children%20Financially?.jpg) [Money](https://www.living50.com/blog/tag/money)[Grandparenting](https://www.living50.com/blog/tag/grandparenting)[RetireSmart](https://www.living50.com/blog/tag/retiresmart)[Relationships](https://www.living50.com/blog/tag/relationships)[Managing Money](https://www.living50.com/blog/tag/managing-money)[Family](https://www.living50.com/blog/tag/family) ## [Should You Help Your Adult Children Financially?](https://www.living50.com/blog/should-you-help-adult-children-financially) Most of us assumed (or hoped) our children would be independent when they entered adulthood.... Aug 17, 2023Reading time 4 ![Helping Adult Children: Promote Financial Literacy and Avoid Dependency](https://www.living50.com/hs-fs/hubfs/pexels-cottonbro-studio-4098152.jpg?width=600&name=pexels-cottonbro-studio-4098152.jpg) [Money](https://www.living50.com/blog/tag/money)[RetireSmart](https://www.living50.com/blog/tag/retiresmart)[Relationships](https://www.living50.com/blog/tag/relationships)[Managing Money](https://www.living50.com/blog/tag/managing-money)[Family](https://www.living50.com/blog/tag/family) ## [Helping Adult Children: Promote Financial Literacy and Avoid Dependency](https://www.living50.com/blog/helping-adult-children-promote-financial-literacy-avoid-dependency) The adult children of the Baby Boom generation are taking longer to grow up. A[2019 Pew study](https://www.pewresearch.org/social-trends/2019/10/23/majority-of-americans-say-parents-are-doing-too-much-for-their-young-adult-children/)... Sep 19, 2023Reading time 5 ![How to Protect Your Own Financial Health When Helping Adult Children](https://www.living50.com/hs-fs/hubfs/pexels-karolina-grabowska-4968548-min.jpg?width=600&name=pexels-karolina-grabowska-4968548-min.jpg) [Money](https://www.living50.com/blog/tag/money)[Affording Long-Term Care](https://www.living50.com/blog/tag/affording-long-term-care)[RetireSmart](https://www.living50.com/blog/tag/retiresmart)[Relationships](https://www.living50.com/blog/tag/relationships)[Managing Money](https://www.living50.com/blog/tag/managing-money)[Family](https://www.living50.com/blog/tag/family) ## [How to Protect Your Own Financial Health When Helping Adult Children](https://www.living50.com/blog/how-protect-financial-health-helping-adult-children) Before a commercial flight leaves the ground, flight attendants instruct passengers to "Put on your... Sep 06, 2023Reading time 4 ##### [![Living50+](https://www.living50.com/hs-fs/hubfs/Logo_horizontal_White-1-1.png?width=200&height=117&name=Logo_horizontal_White-1-1.png)](https://www.living50.com)   ##### QUICK LINKS - [Blog](https://www.living50.com/blog) - [eBooks](https://www.living50.com/ebooks-and-more) - [Videos](https://www.living50.com/videos) - [Subscribe](https://www.living50.com/subscribe) **MORE** [Contact](https://www.living50.com/contact) [Privacy](https://www.living50.com/privacy-policy) --- © 2024 Living50+ | As an Amazon Associate we earn from qualifying purchases. 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