3 Mistakes Your Boomer Parents Made That Are Keeping You in Debt
Written by
Chris Adam
Edited by
Daria Uhlig
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If you’re in debt, you’re not alone. Federal Reserve data shows that consumer debt has been on the rise since 2013, with non-housing debt seeing the fastest growth.
There is lots of blame to go around when it comes to this debt, especially where credit cards are concerned, according to a LendingTree survey of over 2,000 Americans. “From pets to the pandemic, credit card debt-holders have plenty of places to point their fingers — including, in the case of the 31% who acknowledge the problem is at least in part due to a lack of financial discipline, themselves,” LendingTree noted.
When it comes to the debt blame game, some younger adults are pointing fingers at their boomer parents. Here are three mistakes those parents made that might be keeping their adult kids in debt.
Not Encouraging Schools To Teach Personal Finance
Many adults feel like schools could’ve done better jobs in educating them about personal finance. According to the LendingTree survey, more than half of the credit-card debt-holders surveyed think they wouldn’t have had this much of debt had they received better personal finance education growing up. This touches on the ongoing national debate over the importance of this kind of education in public schools.
Their Own Financial Situations
A lot of adults — almost one third in the LendingTree survey — also think their parents’ financial situations set them up to be in debt. That’s especially true of Gen Zers and millennials
Failing To Set a Good Example and Teach at Home
The third mistake boomer parents are being blamed for is failing to educate their kids at home by being examples of good financial management and using tools to help their kids learn to manage money.
That said, if you’re in debt, there’s a good chance your parents are shouldering some of the cost. Nearly half of parents provide financial support to adult children, according to a Savings.com survey, including 43% who help with a car, 24% who help with student loans and 18% who help with credit card debt. Fifty-eight percent say they sacrifice their own financial security to do so.
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