Two-thirds of boomers’ daughters say they are providing some sort of financial support to their parents, up from 48 percent in 2007, when the initial “Money Across Generations” survey was done. (Baby boomers are Americans born between 1946 and 1964.)
More daughters report helping to pay their parents’ utility bills, housing costs or long-term care costs. In addition, more daughters report helping with household tasks like cooking and cleaning, laundry and transportation. That sort of help may not have a direct financial impact, the study notes, but could cut into time that the daughters would otherwise have spent working.
A majority of boomers sons’ also report providing support to their parents, but that proportion — 62 percent — is about the same as five years ago.