Financial Concerns of Gen X Parents Supporting Adult Children: Survey Results
Adinah Caro-Greene, a 45-year-old Bay Area resident and employee benefits broker, is facing a financial future that’s intertwined with her Gen Z son. She’s among the 53% of Gen X parents worried that their children may need financial support well into adulthood, according to a recent U.S. Bank survey.
Gen X parents, like Caro-Greene, are known as the “sandwich” generation, juggling financial responsibilities towards both aging parents and children coming of age. This group has been shaped by economic uncertainties, having witnessed major stock market crashes and shifting retirement savings strategies.
According to Tom Thiegs, a family wealth coach at U.S. Bank, Gen Xers have a pragmatic approach to these challenges. Despite economic worries, they are prepared to adapt and navigate unexpected financial hurdles. Their concerns stem from external factors like rising housing costs and inflation, rather than their children’s financial decisions.
Parents in this age group often find themselves financially aiding their children, especially in high-cost areas like San Francisco. Marguerita Cheng, a certified financial planner, emphasizes the importance of setting boundaries when providing financial support to adult children. While helping is essential, parents must also safeguard their own financial well-being and encourage open conversations about money.
The financial landscape for Gen X is evolving, with a focus on balancing personal goals with supporting family members. As this generation redefines financial planning, they are embracing a more holistic view of money that includes considerations for their children’s future.
Financial planning, budgeting, and wealth management are crucial elements for Gen X parents navigating the complexities of supporting adult children in today’s economic climate. As they strive to secure their own financial stability while helping the next generation succeed, Gen Xers are reshaping traditional approaches to personal finance and family support.
