Baby Boomers Still Supporting their Adult Children

baby boomers supporting adult children #M2Moms @VibrantBoomers Many people are struggling financially and #babyboomers are often supporting their adult children. When I was growing up it was never heard of to expect or even ask your parents to pay for your bills or help support you. You would never think to live in their house until you were 25 but that was 25 years ago and today the financial climate in the US is a lot different. Is it because our adult kids today are lazier or is it because they are having a tough time getting a job. I think it is a little of both.

As boomers we raised our kids to have the things we didn’t. Our parents came from the World War era and they wanted us to have the life they didn’t have. We in turn gave just about everything to our children and I think this made a lot of them lazy and added to the “entitled” generation we see today. Of course, there are always exceptions to the rule and this is my opinion. It is a complex topic. Is it our job to keep supporting our adult children no matter where the economy is at? Every family has to decide this question but it remains a fact that many boomer parents are supporting their adult children.

I talked with Vibrant Boomers on Twitter and got permission to share this informative article with you.

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A recent survey by VibrantNation.com, the leading online community devoted exclusively to the influential and fast-growing demographic of women over 50, reveals that Boomer women are financially supporting their adult children during tough economic times with no end in sight. While members of this generation historically would be spending more on themselves as their children graduate from high school and leave home, many Boomer women find themselves still bankrolling their adult children.

According to the Vibrant Nation survey, a dramatic 84% of Boomer women are paying more of their over 18 year old- children’s expenses than their parents did for them:

  • 59% pay for an adult child’s cell phone
  • 53% pay for insurance
  • Over 1/3 are paying for everyday expenses like rent, clothes, cars and computers

And these expenses add up quickly. 56% of Boomer women respondents report that they pay more than $5,000 in annual expenses, not including tuition/education expenses, for each adult child, and 17% spend more than $10,000.

In addition to her key role as purchaser, the Boomer Mom is also significant purchasing influencer for her adult child. Even when the millennial adults are paying their own way, they are constantly asking their moms what to buy. Over 40% of Boomer Mom respondents report that their children consult them about financial services (including loans and banking relationships) and insurance. Over 1/3 influence their children’s purchase decision for carbuying, small/large appliances, and food.

“Most companies stop targeting moms after their kids become teenagers,” said Stephen Reily, Founder and CEO of VibrantNation.com. “This research confirms the importance of the Boomer Mom, not just for how she spends money on herself but for the business that she brings along or influences with her children, regardless of their age. She remains the chief purchasing officer and chief influencing officer for her entire family.

These and other results of this survey will be presented by Mr. Reily at M2Moms® – The Marketing to Moms Conference on October 20, 2011 at the Chicago Cultural Center. M2Moms® is a senior-level marketing conference designed to help brand marketing executives and their agencies improve their marketing efforts to today’s mothers.

About Stephen Reily
Stephen Reily, entrepreneur, marketing expert and active blogger, founded VibrantNation.com, the leading online community for Baby Boomer women, the place where they connect with and support each other on topics unique to life after 50. He launched VibrantNation.com after researching the lack of media geared towards women 50+. As a marketing professional, he built IMC Licensing, a brand-licensing agency that has represented clients like Kraft
Foods and S.C. Johnson. Mr. Reily blogs regularly on Baby Boomers for MediaPost and has published articles in BRANDWEEK and on brandchannel.com, among others. He is the co-author of Vibrant Nation: What Boomer Women 50 Plus Know, Think, Do & Buy, the definitive guide for marketers trying to reach this important demographic.

About VibrantNation.com
VibrantNation.com is the leading online community for Baby Boomer women – the place where they connect and support each other on issues unique to life after 50, including fashion, beauty, family, relationships, work, money,
and health.

A trusted resource for women 50+, Vibrant Nation features a growing network of over 150 midlife bloggers, promotes offline gatherings, and publishes digital health and beauty content written by Vibrant women experts.

A strategic marketing partner, VibrantNation helps marketers understand and reach this influential and fast-growing demographic. It has managed online marketing campaigns for major companies like Pfizer and Coca-Cola, and compiled its ongoing research in a book, Vibrant Nation: What Boomer Women 50+ Know, Think, Do & Buy. For more information, visit www.vibrantnation.com.

Source: Ceci Conway | 502.568.5555 | ceci@vibrantnation.com | @VibrantBoomers

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