Millennials! Is there anything this ravaging generation can’t ruin? Cars, Brands, the American institution of credit card debt, Brands, it just seems like everything precious to previous generations that we touch turns to ruin. That apparently extends to our parent’s retirement funds too, at least if a story by Bloomberg about Baby Boomers spending their retirement money to fund their millennial children’s lives is true. One anecdote even shows that coming to live in Brooklyn could literally be killing your parents in the future, if you keep letting them support you.
First the more general gist of the story: According to an American Consumer Credit Union survey, 31% of Baby Boomer parents are financially supporting their lousy kids, in areas like rent, transportation, student loan debt and bills. This is putting a strain on Boomers’ retirement plans, but even the hardiest retirement svengalis can’t stop them from spending all of their present money on their children, leaving them bankrupt in the future. And yes, it’s happening in Brooklyn:
A 48-year-old woman who lives in Westport, Conn., sheepishly admits that she and her husband, a finance executive, give their 22-year-old daughter tens of thousands of dollars each year to supplement the $30,000 she earns as a writer at a beauty website. The money covers her share of the rent on a Brooklyn (N.Y.) apartment, her frequent use of Uber car services, clothing purchases, and regular manicures and pedicures. “I tell my daughter, ‘We’re going to help you, but do you really need to buy $4 lattes every day and $14 kale salads?’ ” says the mother, who didn’t want to be named because she doesn’t want to embarrass her daughter or her husband. “When I was 22, I ate pizza every night.”
We’re not trying to be judgmental here lady, but if your daughter making thirty grand, refuses to budget and won’t take the dang subway, you should name her. You should commission a street art series based around the money you give her and have the street artist put her name in big bold colors on every empty wall from Bed-Stuy to Bensonhurst, Greenpoint to Gerritsen Beach. Either that or follow the other parents and move in next door to her.