Generational Divide: Are Boomers Withholding Money From Their Millennial Kids?

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Generational Divide: Are Boomers Withholding Money From Their Millennial Kids?
GENERATIONAL DIVIDEFINANCIAL SUPPORTPARENTING
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A recent Reddit post sparked a debate about parental responsibility when it comes to financial support for adult children. Some millennials believe their parents are holding back money, while others argue that financial assistance is not a given. This article explores both sides of the argument and examines the evolving trends in intergenerational financial transfers.

When Adam Singer saw a Reddit post on r/Millennials where the poster described how his parents and in-laws were “hoarding” millions of dollars while OP and his family were struggling to get by, the scenario was familiar to him. Among his friend group in Austin, with a mix of millennials from blue-collar and white-collar backgrounds, Singer had watched a similar trend emerge: financially comfortable parents refraining from helping out when it would help most. on X.

Boomers holding back money seemed to him to be fundamentally selfish, but others disagreed, sparking a major discussion across social media about what parental responsibility is when it comes to financially supporting adult children. “You aren’t entitled to anything,” wentThe outright animosity Singer, an elder millennial at 42, faced on social media after merely proposing that parents pass along some of their money while they’re still alive, instead of waiting for the kids to receive it when they die, surprised him. “I think it’s a beautiful thing to be able to help your own kids succeed,” said Singer in an interview. He suggested that parents withholding monetary support was one factor in theaffecting older Americans. “Whenever I’ve talked to a friend that doesn’t have kids yet, always financial.” For children of aging parents who are well-versed in their parents’ comfortable financial situation, and believe that their elders could help out if they wanted to, lack of support can seem like a betrayal.But according to John C. Henretta, professor emeritus of sociology at the University of Florida, the statistics don’t bear out the idea that this is a common scenario. In a longitudinal study conducted on data from early baby boomers (born 1948–1953) and two preceding generations,financial transfers from parents to children have generally increased over time—a change his team attributes to the shifting demographics of younger generation

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GENERATIONAL DIVIDE FINANCIAL SUPPORT PARENTING MILLENNIALS BOOMERS

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