Can I borrow the car, Dad? Son, can you afford to buy me a few groceries? These are the types of questions that are creating a feeling of being sandwiched for Baby Boomers.
The 77 million generation born between 1946 to 1964 is in an economic tough spot catering to needy parents and adult children.
Ameriprise Financial, a large financial planning firm in Minneapolis, Minnesota, has published a comprehensive report, "Money Across Generations".
Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial, told LIFEINC. -- Boomers are feeling the pressure financially and emotionally.”
She added: “In many cases they’re sandwiched between children who are unemployed or struggling to pay down their student loan debt and aging parents who are facing complex health and financial issues. At the same time, they’re trying to prepare for their own retirement.”
De Baca warned against unconditional finacial support as a downfall to retirement. Open generational conversation is paramount before offering support.
Boomers surveyed in the report don't regret offering support to their adult children. They are concerned that they may be enabling them to not learn financial responsiblity.
Many Boomer parents are choosing to age in place rather than enter Assisted Living or Continuing Care residences.