How Boomers' Generosity Hurts Their Retirement

6. Parents think it's their own fault that their children don't know how to manage money. De Baca says that even though many parents feel they missed their opportunity to impart money lessons when their children were younger, it's not too late to start. She urges parents to talk to their adult children about budgeting, planning, and even retirement planning. For parents of younger children, she says, it's never too early to begin those conversations. Over half of adult children in the survey said they wished money had been discussed more openly when they were growing up.

The guilt baby boomer parents feel over not having imparted financial lessons earlier might motivate them to give their children more money—which could further prevent those children from learning how to live on a budget.

Twitter: @alphaconsumer

Reader Comments Read all comments (3)

Add Your Thoughts

Comment Name State Select One AL AK AZ AR CA CO CT DE DC FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY International Email

Please enter the two words below into the text field underneath the image.

Incorrect please try again

Enter the words above: Enter the numbers you hear:

Your comment will be posted immediately, unless it is spam or contains profanity. For more information, please see our Comments FAQ.