You’ve probably heard parents complain about their kids MOOCHING off of them well into adulthood. But we usually imagine those “kids” to be in their 20s . . . not in their 50s.
A new survey asked adults of different ages if they were totally self-sufficient . . . or if they were still financially dependent on their parents.
72% of Gen Z’ers age 29 and younger said they were still dependent on their parents. Which is . . . a bit higher than you’d expect . . . but not shocking.
53% of Millennials said they were still dependent on their parents, which IS surprising. But GET THIS: 33% of Gen X’ers ages 45 to 61 admit that they are still dependent on their parents to some degree.
They have graying hair . . . and they still kinda need Mom and Dad to pick up the tab at brunch. That said, Mom and Dad CAN probably swing it.
According to data from last year, Boomers . . . those who were born between 1946 and 1964 . . . hold 51% of American wealth. That includes “a mountain of real estate, stocks, pension benefits, private businesses and other assets, collectively valued at $90 TRILLION.”
You’ve probably heard about “The Great Wealth Transfer.”
That’s the supposed exchange of $124 trillion . . . from older to younger generations . . . and that is expected to happen by 2048.
The thing is: Older folks are living longer, which is pushing back inheritance timelines . . . AND they’re also shelling out a lot more on assisted living, nursing homes, and other forms of long-term care.
So IF that money trickles down, it might take longer, and it may end up being less than you’re anticipating based on their wealth right now.