Who Says Boomers Are Selfish?

Sometimes it’s hard to refute the myth that baby boomers are self-centered. It’s not our fault that are parents led us to believe we were the center of the universe. Yes, we spent a good portion of our years on the planet taking care of business that would benefit ourselves, but the true measure of a generation is what we’ve been doing for everyone lately.

So what are boomers up to? How about their eyeballs when it comes to putting their parents and children ahead of their own interests? An Ameriprise Financial 2007 survey of three generations (boomers, their children and their parents) revealed that boomers were putting their children and parents in front of their own self-interest. Only 44% were saving for their retirement.

When the survey was updated in 2011, the number had sunk to 24%. That’s right – only one in four boomers were saving for retirement. Where was the money going? More than half of the surveyed boomers were supporting aging parents, paying for groceries, medical expenses and utility bills. That’s on top of paying tuition, insurance and car payments for their kids.

The big irony underlying the survey is that the boomers thought their children were deficient in their knowledge of how to handle money and their children thought that their boomer parents were not going to have enough savings on which to retire. Now there’s a perfect illustration of how difficult it is to be part of the sandwich generation. Pulled in two directions financially, boomers are going to have to figure out what’s got to give.

Financial planners are telling boomers that they have to cut the cord and start saving again for their retirement, because there’s a good chance their offspring will not be able to support them to the same extent that boomers have supported their own parents.

The other irony to the survey is that when asked what choice they would make between retirement savings and supporting their children, most boomers claim that they are choosing retirement savings. But the claim is not backed up by the reality. Boomers are still giving preferential treatment to their kids and their parents, and shortchanging themselves when it comes to retirement.

Bottom line, boomers may end up destitute, but don’t forget, they were looking out their parents and their kids, and that’s not selfish, that’s selfless.

Jay Harrison is a graphic designer and writer whose work can be seen at DesignConcept and at BoomSpeak. He's written a mystery novel, which therefore makes him a pre-published author.

We Can’t Be That Bad – They Keep Coming Back!

I’m sure that if times were not so tough, the offspring of baby boomers would likely prefer any option to moving back home, but for some generations that often despise us, they sure find it easy to come back home.

By most objective accounts (and in a sweeping generalization), these are young adults whose every whim was catered to, who got used to pass/fail evaluations, who were told that everyone is a winner, and who received beaucoup largesse from very accommodating parents.

The same parents who left their own nests when it was their time and who hardly looked back. We were drafted, we went to Canada, joined communes, found whatever jobs we could get, and somehow survived. In fact, we survived so well that when we had our own children, we were able to indulge them in a way not seen before. We drove them to all their activities and showed up for every game, play, or recital. We paid, and paid, and paid.

So why should we wonder that they don’t want to leave home or keep returning to the nest? The “dependent déjà vu” phenomenon isn’t just a function of a tough economy. Boomer offspring have been trained from an early age to rely on their parents, and that imprinting has now come home to roost (if you can stand any more of the birds nest metaphor). You’re still feeding and clothing them, paying for the utilities they are using (including the cell phones they need to talk and talk when they’re not texting), baby birdsand giving them a roof over their heads.

According to a Pew Research Center study, nearly 1 in 7 parents with grown children say they had a ”boomerang kid” move back home in the past year. Roughly one-third, or 35 percent, of boomerang kids said they had lived independently at some point in their lives but had to move back in with their parents. About half of the grown children worked full- or part-time, while 25 percent were unemployed and 20 percent were full-time students. They even have their own acronym. NIKE. No Income Kids With Education.

About 20 million people ages 18 to 34 live at home with their parents — roughly 30 percent of that age group. That’s up from about 18 million, or 27 percent, in 2005.

Jay Harrison is a graphic designer and writer whose work can be seen at DesignConcept and at BoomSpeak. He's written a mystery novel, which therefore makes him a pre-published author.
You wanted to be a big part of their lives. You have been granted your wish.