The financial needs of baby boomers can be very challenging at times. With
both adult children and elderly parents to look after, the stresses and strains
can really start to show as more and more money is spent trying to look after
them. If you are not a baby boomer yourself then you are likely to know at least
one person who is.
There are a couple of old family friends that I know who are in this exact
position. Margaret and her husband Derek are baby boomers and they spend most
of their money helping their three older children and their elderly parents.
Their youngest child Sarah is currently attending university and the cost of
tuition is often too much for her. Even though she has a part time job, she
still has trouble paying all of her fees. That is why Margaret and Derek often
step in and pay her tuition and accommodation fees for her. They cannot afford
it really either but they see it as their duty to help their daughter through
Their elderly parents also need a lot of looking after and with one parent
in a home, the costs for that can also be expensive. This has meant that over
time Margaret and Derek have had to take out a few personal loans to afford
the extra money that they just do not have. The trouble with baby boomers is
that they often do get themselves into a lot of debt because they want to help.
They feel responsible for both their parents and their children and they would
rather get themselves into financial hardship than to see either of their loved
ones go without. But is this a healthy attitude to have?
There is no reason why you cannot help out your elderly parents, but when it
comes to your children, when they are fully grown should you really still have
to help them? There should be a cut off point where they have to stand on their
own two feet. If they have a job and they are trying their hardest to earn the
money that they need then it is perfectly acceptable to help them if you can.
However, if they aren’t helping themselves and they just expect your help
then you should ideally back off and let them deal with it themselves.
Baby boomers are financially under strain but it really doesn’t have
to be that way. You just have to learn when to take a step back and when to