Baby boomers ’split between children and parents’
A generation of baby boomers in Britain are stuck in the middle when it comes to choosing who to support, it has been reported.
According to Engage Mutual, people between the ages of 55 and 64 are torn between funding their parents' retirement and lending financial backing to their grown-up children.
Some 60 per cent are still giving money to their offspring, while 25 per cent are contributing to their elderly mums and dads, it added.
Specifically, the company has reported that 26 per cent have helped their children pay off debt, while 44 per cent have given money to their parents in order to cover utility bills.
Karl Elliot, spokesman for Engage Mutual, cited an improved standard of living as a contributory factor in the figures.
"With continued increases in costs of living, education and care, the wealth this generation have accumulated will be stretched far further than was the case for their parents," he said.
A baby boomer is classed as somebody born in the post-war years. Famous examples include former US president Bill Clinton.
© Adfero LtdYou can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.