(Rye, NY) – A new Baby Boomer study reveals parents with financially independent children who don’t support anyone else are more than twice as likely to be retired as parents who can’t cut the apron strings for adult kids – according to Hearts & Wallets, the preeminent financial research resource for understanding consumer savings and investing needs and behaviors.
Hearts & Wallets latest topic brief, Dissecting the Baby Boomers: How a Parental and Financial Support Status Segmentation Reveals Key Differences in Finances, Attitudes and Behaviors reveals the importance of segmentation to uncover the diverse financial goals and needs of this market for financial services products and advice. Parental support is a major factor in the ability to retire. Overall, 35 percent of Boomers are retired from full-time work. Only 21 percent of Boomers who support adult children are fully retired. More than 50 percent of Boomer households (52 percent) who have children, but don’t support them (or others, such as extended family) are retired.