Baby Boomers can't seem to cut the cord. Those poor snowflake children of theirs have never really had a chance. From the moment they first popped out into the world and saw their dad behind the lens of a video camera to growing up always on the go in the minivan they have been permanently attached to their parents.
Here is something that I don't understand. The boomers wanted to separate themselves from their parents generation. They wanted to break all ties with the past. Question authority. Remake the world.
Why then do they not let their children grow up? The have been controlling and dominating from day one. How did they become such control freaks?
Well, all that control freakiness is coming around to bite them on the bippy. The kids are growing up and they are bleeding mom and dad dry. This article is about them being a giant ATM.
Here's a big long chunk:
Think about the level of financial support you provide to your child, whether they are still teenagers or younger, or even if they have reached adulthood. It is becoming more common these days for adult children to look for some kind of backing from parents, whether it be asking for money or saving on rent and moving back in with mom and dad.
Is it the ATM Generation?
Although baby boomers arguably are the most prosperous generation in our nation’s history, they face a number of financial challenges. Saving enough for retirement is a significant hurdle for most, but on top of that, many are finding that children remain dependent on them well into their own adult lives.
The Money Across Generations SM study conducted for Ameriprise Financial by GfK Roper Public Affairs, makes clear that a large percentage of boomer parents have a difficult time cutting the financial strings.
The study shows that two-thirds of boomer parents are helping adult children pay off college loans or tuition, more than half are contributing to the purchase of a new car and one-third help their adult children deal with living costs ranging from a home mortgage to utility payments.
There is no doubt that financially supporting children is commonplace for boomer parents. After all, some of the most notable expenses in life such as housing, cars and education, have become extremely expensive, and parents often want what’s best for their kids.
How much of a favor are you doing by providing a constant source of supplemental income to your children? If you are a parent who continues playing the role of a personal “ATM,” will your kids truly be able to handle money on their own?
Lesson learned?
Financial backing even for adult children can result in some immediate security for boomer offspring, but the long-term damage of teaching self-reliance may be a downside. Ask yourself how your adult children will react if the ATM is unplugged, and they truly have to go-it alone. Will young adults who were used to having access to money when they really needed it (thanks to mom and dad) find themselves in a financial bind without that safety net? By giving your children too much financial support, they may be more susceptible to facing bankruptcy in the future because they couldn't’t properly manage their financial affairs. Have their spending habits become too dependent on a source of money that has nothing to do with their own ability to earn?
Here's the thing x-ers. Your job is to raise your kids so that they don't need you. They should be able to stand on their own two feet by the time they are 18. If you were to get hit by a bus they should be able to go on without you.
Pity the poor snowflakes that can't make their way in this world without the help of mommy and daddy. They are going to have a heck of a time of it.
