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Baby boomers 'financially stretched'

Consumers of the baby boomer generation aged between 55 and 64 are finding themselves facing considerable financial burden by having to support adult children and elderly parents.

New reports from Engage Mutual reveal that a sizable percentage of baby boomers are paying out to aid close relatives, with 24 per cent contributing to the costs of their parents' retirement while 60 per cent are paying to support their grown up children.

Despite the fact that many consumers of the baby boomer generation enjoy relatively higher wealth linked to valuable property, concern has arisen that many could be facing overly stretched finances due to the pressures of looking after close relatives.

"With continued increases in costs of living, education and care, the wealth this generation have accumulated will be stretched far further than was the case for their parents," said Engage Mutual spokesperson Karl Elliot.

The Social Issues Research Centre reports that the baby boomer generation enjoys a work/life balance that younger generations strive for, with a greater level of financial freedom than other age groups.

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16/04/2007 13:38:12

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