11/1/13
Boomer women are more likely than boomer men to say they would sacrifice their day-to-day lifestyle to support their parents financially (60% vs. 51%), according to More magazine. By contrast, men are more likely than women to sacrifice retirement savings (26% vs. 20%) or the value of their home (18% vs. 12%).
Boomer children are motivated to help their parents through duty (46%) rather than love (26%) or moral obligation (11%).
Women are less likely than men to describe their relationship with their mother as “very close” or “somewhat close” (76% vs. 84%). For women, closeness with their mothers begins to decline at age 30, bottoming out between ages 40 and 54, and increasing once again after age 55.
Men ages 18-29 are twice more likely than young females to be concerned about their ability to provide for an aging parent. However, at age 30, this dynamic flips, with women outnumbering men in their concern.
Men, in all age groups, are more likely than women to say their mother lives with them. To this end, men ages 18-29 are twice more likely than their female peers to live with their mothers. Meanwhile, women ages 40-54 are twice as likely as their male counterparts to share their homes with their fathers.
Women over age 55 are four times more likely than men of the same age to be very or somewhat concerned about having to provide financial support for a parent. Women are less likely than men to feel financially prepared for their own health emergencies (42% vs. 63%), their own futures (44% vs. 65%), and to think their parents are financially prepared for retirement (54% vs. 72%).
SOURCE: More magazine, Lesley Jane Seymour, Editor-in-Chief, 125 Park Ave., New York, NY 10017; 212-499-1722; www.more.com.
© 2013 Business Valuation Resources, LLC (BVR). May not be reproduced without written consent of publisher.