By Cameron Huddleston
WWR Article Summary (tl;dr) As David Lynch, managing director and head of branches for TD Ameritrade says, “Faced with record-high student debt, stagnant wages and rising childcare costs, millennial parents are facing the growing bundle that their bundles of joy cost.”
As a parent, it’s your job to support your children on the path to adulthood. But plenty of parents continue to support their children financially even after they’re adults with kids of their own.
That’s the finding of a new 2,000-person survey by TD Ameritrade. On average, millennial parents ages 19 to 37 said they received $11,011 in annual financial support and unpaid labor from their boomer parents, ages 50 to 70. Without that help, many millennials couldn’t support their current lifestyles, the survey found.
“Faced with record-high student debt, stagnant wages and rising childcare costs, millennial parents are facing the growing bundle that their bundles of joy cost,” said David Lynch, managing director and head of branches for TD Ameritrade.
“Grandparents are the secret to making it work, eager to help with financial support, child care and running the household.”
However, half of the grandparents surveyed said they’ve made sacrifices to help their children and grandchildren. Here’s a breakdown of what baby boomers are spending on their millennial children, and how it’s affecting them financially.
BOOMERS ARE PROVIDING CHILD CARE AND HOUSEHOLD HELP
Millennials report that the bulk of support they received in the past year, $8,684, came in the form of unpaid labor.
More than half of those surveyed said they got help from their parents with child care or running the household.
On average, boomer grandparents provided 14.3 hours of primary child care per week and 9.2 hours of back-up care or babysitting. Millennials also said their parents spend more than 10 hours a week helping them prepare meals, clean the house and run errands.