Document sans titre
Americans’
sense of financial obligation to family members is strong and born out of love
and generosity, but does have limits, according to a new study by the MetLife
Mature Market Institute.
Multi-Generational Views
on Family Financial Obligations: A MetLife Survey of Baby Boomers and Members
of Generations X
and Y reports that Baby Boomers (b. 1946–64), Gen Xers (b. 1965–1976)
and Gen Yers (b. 1977–1990) agree that parents should support children
through their college years, help with tuition (90%) and step in to provide
financial assistance during a financial emergency – not of the child’s
doing.
They stop short, however,
at paying 100% of college tuition if the cost is particularly high, and at bailing
their kids out of debt when the debt is from overspending. Fewer feel responsible
for contributing to the down payment on a house – just seven percent of
those surveyed said they feel an absolute or strong responsibility to do so.
Most Americans also believe
that children have some obligation to help their aging parents financially if
necessary, though many parents (42%) say they wouldn’t accept money from
their children. More than six in ten (62%) believe children should call their
parents at least once a week to see how they are doing; 58% say children should
have a parent live with them for health or economic reasons (50%). Forty-six
percent say they should provide financial support to their elder parents or
in-laws if there is a need.
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