Boomers are helping with toys and clothes for grandchildren
Grandparents are known to stop at nothing when it comes to spoiling their grandchildren and buying them all sorts of toys. More than half of the surveyed millennials admitted that their parents helped them purchase toys, offering them $172, on average, in the past year. Grandparents, on the other hand, reported giving their millennial children $340 for their grandchildren’s toys.
Toy purchases are not the only things boomers helped their kids with. Most of the times, they also bought clothing for their children and grandchildren and reported offering around $428, on average. There were also boomers who gave cash gifts to their grandkids, averaging to $371 a year.
Millennials are still not on the same page with their parents, claiming they only received $189, on average.
Why this is a problem
In their desire to help their children and spoil their grandchildren, boomers, unfortunately, offered money they didn’t have. In most cases, they had to sell some of their belongings, find side gigs and think of new ways to make more money to help their adult children and grandchildren.
Fortunately, there are plenty of opportunities for retirees to earn some extra money. This post on 10 Best Work-From-Home Jobs for Retirees to Boost Their Income will teach you how to supplement your finances by doing the things you like!
