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Children willing to help parents more than you think

Staff Writer | July 7, 2016
Parents approaching retirement might be pleasantly surprised to discover their kids expect to help, according to the latest Fidelity Investments Family & Finance Study.
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Living together   A growing number of Millennials are providing caregiving
The research reveals adult children have their parents' backs and far more than parents may think: on the subject of money, although a majority of parents (93 percent) feel it would be unacceptable to become financially dependent on their children, only 30 percent of children feel the same.

When it comes to health, while many children surveyed said they or a sibling would care for their parent if they become ill, 45 percent of parents and kids aren't in agreement on this issue.

Despite this welcome news for parents, the study suggests several areas where they need to speak up to ensure their wishes are heard, as it appears the children may not be getting the message. In fact, nearly four in 10 families disagree as to roles and responsibilities as parents get older.

Although 92 percent of parents expect one of their children will assume the role of executor of the estate, when asked, more than one in four (27 percent) of the kids identified as filling this role didn't know this. Of note, 55 percent of parents expect the oldest child to be executor.

While 72 percent of parents expect one of their children will assume long-term caregiver responsibilities in retirement if need be, 40 percent of the kids identified as filling this role didn't know this.

Of those that do, 58 percent are women. One surprising trend: a growing number of Millennials are providing caregiving support for a parent.

While 69 percent of parents expect one of their children will help manage their investments and retirement finances, more than one-third (36 percent) of the kids identified as filling this role didn't know this.


 

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