Episode 323
The Shocking Truth About Adulting: Spoiler Alert, We’re Not!
Ready for some financial fun? We dive deep into the wild world of generational wealth today, and spoiler alert: it ain’t as pretty as you think! Turns out, a mind-blowing chunk of Gen Z, Millennials, and even Gen X are still moochin' off the 'rents! Yup, 72% of Gen Z is still getting that parental cash flow, and over half of Millennials are riding that gravy train too. But hold onto your wallets, ‘cause 33% of Gen Xers are also in the same boat—who knew brunch could double as a budget meeting? We also chat about the Baby Boomers, who are like the wealthiest grandparents ever, but they might spend it all on nursing homes before we see a dime. So, grab your snacks, kick back, and let’s laugh through the chaos of cash and caregiving!
Takeaways:
- Did you know that a whopping 72% of Gen Z still gets financial help from their parents?
- Over half of Millennials are still financially tethered to mom and dad—talk about a lifelong subscription!
- Surprise! A full one-third of Gen X adults admit they're still on the parental payroll, too!
- Baby boomers hold a staggering $90 trillion in wealth, and they’re not letting it go anytime soon!
- Nursing homes are pricey, costing almost $10,000 a month—inheritance plans may need a redo!
- The great wealth transfer is happening, but it might just be a trickle, not a downpour!
Transcript
Good morning.
Speaker A:It's haystack and it is pretty wild when you look at the discrepancies in generational wealth and you, you know, when you're a parent, you think, ah, I'm finally done.
Speaker A:Kids are getting a real job, you know.
Speaker A:A new financial survey, a massive survey has shattered that dream.
Speaker A:They asked adults across different generations if they're 100% self sufficient or if they still rely on mom and dad.
Speaker A:And you may be surprised by the results.
Speaker A:Now, Gen Z we can understand, right?
Speaker A:They're still in their 20s, 72% of Gen Z, that's basically 29 and under, still getting help.
Speaker A:Standard stuff.
Speaker A:No shock.
Speaker A:Millennials, many of whom are pushing 40 years old at this point, over half, just over half, but still over half financially hooked to their parents to some extent.
Speaker A:And the kicker that might blow your mind, Gen x adults between 45 and 61 years old and a full one third admit they are still financially dependent on their parents to some degree.
Speaker A:People with graying hair, bad knees and colonoscopy appointments who still look across the table at brunch waiting for grandma to pull out the purse.
Speaker A:And I suppose it shouldn't be a huge shock because baby boomers can afford it.
Speaker A:Baby boomers hold over half of the total wealth In America, some $90 trillion in real estate and stocks.
Speaker A: d to trickle down by the year: Speaker A:But here's the catch.
Speaker A:Boomers are living much longer and they're spending a fortune on assisted living and nursing homes.
Speaker A:Have you priced a nursing home lately?
Speaker A:Each person in a nursing home spending just shy of $10,000 a month, the national average, a little over $9,000 a month.
Speaker A:So if you're 50 now and you're counting on that inheritance to finally pay off your mortgage, yeah, you might want to adjust your budget because by the time that money actually trickles down to you, you're going to be sharing a double room with your inheritance provider at the same home.
