Boomers are helping with education costs
We’ve talked about bills, clothing, entertainment and other things millennials get financial help for. But the most important support millennials are getting from boomers is receiving contributions for their college savings. That probably would not be a problem if boomers had cash to spare. In reality, a sad one at that, some boomers are spending their own retirement savings to support their grandchildren’s education.
No matter how much you want to help your grandchildren in their educational endeavors, it’s not wise to sacrifice your retirement funds. A better option would be to look for more affordable college opportunities, like colleges that cost less than $20,000 a year.
How this happens
Reportedly, over the past year grandparents gave their millennial children around $2,337 for their kids’ schooling. Millennial parents reported receiving around $1,134 for college savings.
Moreover, boomers are also providing financial support for their grandkids’ current education costs. The discrepancies between what boomers say they provided and what millennials say they got are still present. For instance, millennial parents said they received $750, on average, over the past year for private school tuition. 21 percent claimed they got 236 on average for school expenses such as supplies and outings. Grandparents said their financial help was approximately $477.
