More Than One-Quarter of Older Baby Boomers Currently Support Their Adult Children At Home or Financially, Finds New CouponCabin.com Survey
-- Baby Boomers Reveal Their Unique Challenges at Work, Home and With Their Plans for Retirement --
WHITING, Ind., Feb. 20, 2013 /PRNewswire/ -- Nearly every demographic is still feeling the aftereffects of the Great Recession. A new CouponCabin.com survey reveals that for the more than 78 million Americans that call themselves baby boomers, a particularly harsh set of challenges exists at home, at work and in their plans for retirement. This survey was conducted online within the United States by Harris Interactive on behalf of CouponCabin.com from February 7th to 11th, 2013, among 2,219 U.S. adults ages 18 and older, among which 787 are considered "baby boomers," ages 48-66.
"Generation Squeeze" is one nickname given to baby boomers who are sandwiched between adult children and aging parents. More than one-quarter (26 percent) of older U.S. baby boomers1 support their adult children financially or have them living at their home. Twenty-one percent2 have supported their aging parents financially, while 18 percent3 have supported their aging parents at their home.
The pressure on some baby boomers to support both adult children and aging parents, while also struggling to afford their own retirement, are factors that can lead to a delayed retirement. More than two-in-five (42 percent) baby boomers said they have postponed their retirement due to financial issues.
Even some of those baby boomers that have decided to retire are faced with picking up work where they can find it. More than four-in-ten (44 percent) older baby boomers4 who are retired report they would be at least somewhat likely to get a part-time job to support themselves and their families. Seven percent claimed it was very likely.
"In the past few years, many baby boomers have made drastic changes to their plans for their families, retirement and savings," said Jackie Warrick, senior savings advisor at CouponCabin.com. "As the economy continues to recover, though, baby boomers are making the best of a tough situation by staying positive and making an effort to save money as best they can."
Despite a challenging past few years, some baby boomers are feeling optimistic when it comes to their finances. When asked to describe their current financial situation, retired, older baby boomers said the following:
- Excellent – 19 percent
- Good – 30 percent
- Average – 32 percent
- Below average – 15 percent
- Awful – 3 percent
Saving money for the future is an area that remains challenging for some, but more than six-in-ten (61 percent) baby boomers report they are able to save at least some money each month. On the flip side, nearly four-in-ten (39 percent) baby boomers said they are unable to save at least some money each month.
When it comes to relocation, those who are not yet retired remain cautious as to whether or not they will move to another city or state to retire. More than eight-in-ten (82 percent) baby boomers who aren't yet retired won't or are unsure if they will retire somewhere other than where they currently live. Eighteen percent of baby boomers who have not yet retired said they will retire somewhere other than where they currently live.
This survey was conducted online within the United States by Harris Interactive on behalf of Coupon Cabin from February 7th to 11th, 2013, among 2,219 adults ages 18 and older, among which 787 are considered "baby boomers" ages 48-66. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact Allison Kaplan, firstname.lastname@example.org.
1 Older baby boomers are defined as those ages 55-66.
2 Among U.S. baby boomers to whom the statement "I have been faced with supporting my aging parents financially." is applicable.
3 Among U.S. baby boomers to whom the statement "I have been faced with supporting my aging parents at home (i.e., they live with me)." is applicable.
4 Among U.S. baby boomers to whom the statement "I had/have postponed my retirement due to financial issues." is applicable.
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