Boomers are helping with entertainment costs
If you thought the essential expenses are the only things parents are helping their children with, think again. It seems they are also helping out with non-essential things as well.
30 percent of millennials admitted they got money from their parents for things like entertainment and eating out, receiving $235, on average. Parents, however, reported offering their millennial children $632 for such activities.
In addition, millennials received financial support to go on holidays. They claimed their boomer parents gave them around $665, on average, for vacations. Parents, on the other hand, said they gave their children $1,120, almost twice as much as the amount reported by their children.
Why this is a problem
Most parents would do anything to give their children a better life than the one they had. This is especially valid for 40 percent of parents who claimed they wanted their children and grandchildren to have a better life than what they would be able to afford on their own.
The downside is that 22 percent of these parents had to sacrifice their own outings and entertainment for the sake of their children. Worse than that, 15 percent claimed they had less time to enjoy life in general as a result of their generosity.
