Troubled Finances of the Young and Restless

Troubled Finances of the Young and Restless

A previous Fidelity study from 2005 also showed that 40% of boomers with adult kids were providing financial support to their kids, and of those half were providing primary financial support. Move forward to 2009 and no doubt these numbers are even higher now.

While it doesn't do any good for older generation people to give their "When I was young" speech because certain things -- like the cost of housing, education and health care -- are just more expensive now than a generation or two ago, it is important for X and Y's to learn good financial lessons from those around them.

One tool that can be helpful is VestMatch (www.vestmatch.com). Here, the person in need of assistance can set up a "plan", invite others who can see the plan, and provide transparency of how they will achieve the goal. These others -- like parents or grandparents -- can contribute to the plan and can see how the funds are used. It's a great way to provide help, incentives, and a forum for discussing the financial wisdom acquired over the years.

Matt Sadler of CA @ Oct 05, 2009 19:07:41 PM