AgeUp recently came up with a new research on the financial planning approach of Gen X-ers and millennials towards their parents’ longevity. The research brought to light that even though a majority of Gen X-ers and millennials expected to provide financial support to their parents in their old age, they were not planning for it in the present. As per the survey, 71% of Gen X and millennial population know “little” to “nothing” about their parents’ finances.
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The firm conducted an online survey in January 2020 to understand the mindset of adult children towards their parents’ old-age finances, and if they expected to assist their parents with finances once they reached over 90 years of age. A major revelation of the survey was that even though the Gen X-ers and millennials wanted to provide financial help to their parents later, they were not willing to ask them about it. Additional fact, they were not even considering this expense in their own financial planning in the current times.
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Some of the major findings from the study were:
- 47% agreed that talking to parents about their retirement savings was important. But, most of them consider talking about their parent’s finances as the “most awkward” subject, second only to sex. 56% reported either “never” speaking with their parents about their retirement financial plans, or speak about it “rarely” (once per year).
- 67% believed they would make majority of the financial decisions for their parents if they reach their 90s.
- 68% plan on helping out their parents financially if they outlived their retirement savings.
- 80% agreed that parents and in-laws should be taken into account when thinking about their own long-term financial plans, but only 37% have actually done so.
While the nation is facing such a looming financial crisis, steps need to be taken by the generations of today so as to avoid the impending financial burden. AgeUp is an innovative annuity product offered by MassMutual (Massachusetts Mutual Life Insurance Company) and has been developed by Haven Life Insurance Agency in order to provide financial protection to the aging parents of today’s adults.
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