A recent study sponsored by Ameriprise Financial revealed:
- One-third of baby boomers are helping their parents financially
- Nine out of 10 boomers have helped their children financially
While financial generosity is a hallmark of boomers, their giving may be impacting their own retirement. As more boomers begin retirement, it's important for them to understand how financial decisions impact their retirement security. Money has become a family affair and when families talk about money, good things happen.
Why are these conversations so important?
Understanding the financial needs and goals of your family can help you secure your own financial future, and theirs. Family conversations about money can:
- Contribute to more financially responsible and independent children
- Help parents develop financial strategies that help them age with dignity and security
- Help baby boomers proactively plan for their retirement dreams
Talking to family about shared and individual financial goals can help everyone plan for the future with confidence.
How to get started?
An Ameriprise financial advisor can help get the conversations started and will work with you to create a financial plan that balances your generous nature with your future dreams.
The Ameriprise Financial Money Across Generations® study, conducted by GfK Roper Public Affairs, surveyed 1,000 baby boomers, 300 children of boomers, and 300 boomer parents.
Download the Money Across Generations research report
Brokerage, investment and financial advisory services are offered through Ameriprise Financial Services, Inc. Member FINRA and SIPC.
