A new survey from Investors Group finds than the boomer generation is “sandwiched” by thefinancial demands of providingassistance/support tochildren (living at home longer, etc.) and parents (needing care, etc.). The financial demands could adversely impact their savings and retirementplans. To quote:
“A new Investors Group survey of Canadian boomers released this morning reveals that having kids can be a financial and emotional undertaking, but that many boomers are paying the price of parenthood longer than they may have expected. According to the poll, six-in-ten boomer parents are providing financial support to their adult children, to the tune of approximately $3,675 per year, as well other types of support. In addition, one-in-ten boomer parents are also providing some type of support to their aging parents and making financial sacrifices to care for families as well as themselves.
Jane Olshewski of Investors Group says that with adult children taking longer to become self-sufficient, and aging parents likely to live longer, todays boomers are headed for the perfect generational storm.”