Changing demographics of baby boomers
Baby boomers currently range in age from 41 through 59 (the oldest turn 60 in January 2006) and the survey report says that, like middle-aged generations before them, baby boomers are in a stage of life when it is natural to give more than to take when it comes to family relationships.
The report also points out that changing demographics within families have prolonged for baby boomers this period of being “sandwiched” between the needs of their parents and their children.
Many baby boomers are still raising children
A report on the Pew survey says that in the past year:
- 50% of all baby boomers were raising one or more young children and/or providing primary financial support to one or more adult children.
- Another 17% of baby boomers, whose only children are ages 18 and older, were providing some financial assistance to at least one such child.
- Two out of ten baby boomers were providing some financial assistance to a parent.
- Few baby boomers bear all these responsibilities simultaneously; the survey finds that about 13% are providing some financial support to a parent at the same time as they are also either raising a minor child or supporting an adult child.
How the survey was conducted
The national survey of 3,014 adults, conducted from Oct. 5 to Nov. 6, 2005, included 1,117 baby boomers and looked at intergenerational relationships within families.
This is the first in a series of surveys by the Pew Research Center that examine social trends and explore the everyday lives of Americans.
What the survey learned about baby boomers
- In their financial exchanges with parents and adult children, baby boomers are more likely to give than receive. For example, of those baby boomers with a living parent, nearly three-in-ten (29%) report that in the past year they provided financial assistance to a parent, while 19% report that they received financial assistance.
- Baby boomers are now more likely to have living parents. Thanks to advances in life expectancy, 71% of today’s baby boomers have at least one living parent, the survey found. In 1989, just 60 percent of people ages 41 to 59 had at least one living parent, according to a Gallup survey.
- When it comes to providing financial support for children, the baby boomers’ parental role usually extends beyond the time when a child is a minor. Some 63% of baby boomers report that they have at least one adult child (ages 18 and older), and of this group, about two thirds (68%) say they are supporting an adult child financially, either as the primary (33%) or secondary (35%) source of support.
- Baby boomers view financing a child’s college education as a parental responsibility. Sixty-six percent of baby boomers – and 62% of the adult public, in general– describe paying for a child’s college as a parental responsibility.
A majority of baby boomers (56%) also say it is a responsibility to allow an elderly parent to live in one’s home if the parent wants to move in.
- Baby boomers, younger adults and current retirees all share a moderate optimism about their finances in retirement. More than half of baby boomers who are not yet retired say they expect to “live very comfortably” (26%) or to be able to “meet expenses with a little left over” (29%) once they retire.
Non-retired baby boomers are a bit more apprehensive than are younger adults and current retirees about the prospect of not having enough money in retirement.
- Baby boomers say IRA’s and 401(k)’s will be their biggest source of retirement income. While a majority of current retirees (42%) say that Social Security is their biggest source of income, just 21% of non-retired baby boomers and even fewer adults ages 18 to 40 (13%) hold that expectation.
Instead, about half (49%) of baby boomers who are not yet retired say that a 401(k) or IRA savings plan will be their biggest source of income during retirement, and fully two-thirds of adults ages 18 to 40 share that view.
- Baby boomers are satisfied with their family life. Nine-in-ten baby boomers say they are very (72%) or somewhat (18%) satisfied with their family life. These assessments place baby boomers in sync with adults older and younger than they are.
It is important to note that the report found less overall satisfaction with family life among the 13 percent of baby boomers who have an elderly parent who needs help with personal care. For more information on the stresses of caregiving, read Caregiver Support: Tips for Coping with Stress.
