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EngageMutual: Baby boomers take responsibility

16 April 2007
Recent reports have emphasised the affluence of the baby boomer generation, contrasting their comfort to the financial difficulties facing today's pensioners and tomorrow's homeowners.

Last week, baby boomers were depicted as living a "dream" lifestyle with "money to spare" in a report from Friends Provident.

But new research from EngageMutual suggests that, as the onus falls on the mid-life generation to pick up the bill for their older and younger relatives, their financial outlook may not be so rosy.

Almost two thirds of 55 to 64-year-olds support their adult children and one in four contribute to the costs of their parents' retirement, the study found.

While 44 per cent of baby boomers with elderly parents have picked up a utilities bill for them, one in five of those giving children over 25 a helping hand in the last six months have helped them buy a home.

"With children now gaining financial independence later in life and parents living for longer, it is important that the middle generation are prepared for the eventuality that they will be supporting their family for longer," commented Karl Elliott of EngageMutual.

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