FREE: Baby boomers are putting their retirements at risk by spending too much on their adult children. With real wages stagnant and unemployment among those age 16 to 24 running above 12%, large numbers of households continue to dole out cash to children no longer in school, covering rent, cell phones, cars, and vacations.
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“I tell my daughter, ‘We’re going to help you, but do you really need to buy US$ 4 lattes every day and US$ 14 kale salads?'," said the mother, who didn’t want to be named because she doesn’t want to embarrass her daughter or her husband.
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