Baby Boomers Still Greedy To F**k!

[rolf]

From the Graudian:

http://www.guardian.co.uk/money/2010/aug/20/bank-of-mum-and-dad-bites-back

Bank of mum and dad bites back

One in 10 grown-up children have lent parents cash during the recession but could be leaving themselves financially exposed

Thousands of adult children are supporting their parents during the recession by giving or lending them cash, with almost one in 10 adult children saying they had handed over cash in the recent past, and 42% confirming they had gifting money in 2009.

The average cash handout to parents last year was £8,250, compared to £6,500 in 2008, according to research for Scottish Widows by YouGov. A third of parents used the windfall to pay off debt and a further third used it for spending money or living expenses – while 16% needed the money for a house purchase or deposit.

Scottish Widows says its fourth annual savings and investment report shows that parents are merely "sapping back" the average of £13,000 that they lend their offspring during their lives.

One adult who lent £3,000 to her parents (in their late 50s) three years ago said it was a privilege to be able to help out. "I found out my parents had got into a bit of difficulty," she said. "My mum was really upset and told me they were in massive arrears on their mortgage. I was in a position to help so I rang the bank and took a two-year loan out to help them get back on the straight and narrow.

"They had helped me out a lot over the years, so it was a nice feeling to help them for once. They paid me back but I made sure that if they got into difficulties again I could afford to keep up the repayments. I'm not sure they spent the money as wisely as they could have, so I'm not sure I'd do it again, although I will always try and help them."

The research indicates that grown-up children are leaving themselves exposed by handing out money to their parents: 28% of those who had given money had to dip into their savings and investments in order to give their parents the cash – and 35% of those believe they will have to give or lend their parents more money in the future.

Iain McGowan, savings expert at Scottish Widows, said: "The 'bank of mum and dad' is calling in its debts and sapping more money than ever from their children. It is likely more parents will have to ask their kids for money in the future, particularly parents who are near to retirement and are struggling to put enough money aside (Rolf: you mean they spent it all?).

"It's no surprise that significant holes are left in parents' finances and these will need to be filled in somehow (rolf: government, one for you! how to solve this? haha), whether by sapping funds back from their children or by other means. This reinforces the need for parents and children to plan their finances and start preparing as soon as possible."

[rolf]

I love this comment btw:

So, baby boomers have had everything for a generation, sold the national silverware, ******ed up pretty much everything and now they want a loan? Mum, Dad, go and tidy your room!

[Wait & See]

These old gits should be put away out of the bloody road. Leeches, the lot of them. Too many Ford Escorts and nice holidays that they couldn't afford has brought them to this, as most are just plain poor, but thought they could live like 007.

Sad delusion has run riot over the past 60 years. All over now though.

[corevalue]

So the bank of Mum and Dad doesn't exist? I'll bet more than 1 in 10 parents lend or give their children money.

This is yet another Willetts-inspired piece of trash propaganda.

[The Ayatollah Buggeri]

This is yet another Willetts-inspired piece of trash propaganda.

Willetts is generally not credited for inspiring The Guardian to agree with him.

[munro]

Loved this comment:

Aren't those 2 pictured at the top of the article the same ones who were relaxing in a post coital glow after rogering each other in another Guardian article? They get around a bit.

!!

[NEO72]

From the Graudian:

Iain McGowan, savings expert at Scottish Widows, said: "The 'bank of mum and dad' is calling in its debts and sapping more money than ever from their children. It is likely more parents will have to ask their kids for money in the future, particularly parents who are near to retirement and are struggling to put enough money aside (Rolf: you mean they spent it all?).

http://www.guardian.co.uk/money/2010/aug/20/bank-of-mum-and-dad-bites-back

Of course - what self-respecting parent wouldn't expect their children to feel eternally indebted to them - it's not like you provide for your kids out of love, sense of parental responsibility etc

[Ruffneck]

No biggie , they were probably just lending their parents some money so they could buy another house.

It'll work out in the long run because house prices only go up.

[profitofdoom]

The generally accepted range of boomers is 1946-64,so I am right in the middle.I don't recognise a lot of the charges levelled.I have supported aged parents and now a young adult child.My parents never had a house until my brother and myself took a loan in 1978 and bought their rented one from the landlord.My son went to state schools.A customer of mine (Born 1949) told me yesterday that a council official persuaded him to give up his council house to his daughter and family and then told him that he was intentionally homeless and didnt qualify for a house.So much for these boomers raking it in.

Those who we see who are living high on the hog you can be pretty sure that their kids will too.Dave will see to that.

Edited August 20, 2010 by profitofdoom

[billybong]

I read somewhere that the boomers make their kids to stay with them when the kids are growing up just so the boomers have some company.

They are such **********s!!

[billybong]

One adult who lent £3,000 to her parents (in their late 50s) three years ago said it was a privilege to be able to help out.

Come on let's have the name and address then so we can get the full story and find out how much other abuse this "one adult" has been subjected to by these awful parents, er I mean boomers.

[Dorkins]

I'd guess that the middle aged in their prime earning years have been lending/giving a bit of money to their parents if they were struggling since time immemorial. There are poor people in every generation. This story (and this thread) is an obvious windup.

[billybong]

I'd guess that the middle aged in their prime earning years have been lending/giving a bit of money to their parents if they were struggling since time immemorial. There are poor people in every generation. This story (and this thread) is an obvious windup.

Yes indeed and it'll be a wind up by some boomer I've no doubt at all They are all such ********s

Thank goodness Willett's onto 'em. He's a politician you know, we can trust him.

Edited August 20, 2010 by billybong

[profitofdoom]

Yes indeed and it'll be a wind up by some boomer I've no doubt at all They are all such ********s

Thank goodness Willett's onto 'em. He's a politician you know, we can trust him.

Yes ,Willetts.Good ol' two brains.Such a shame that neither of them work too well.

Edited August 20, 2010 by profitofdoom

[Madamvice]

Yep I gave money to my parents - gave not lent.

My parents have never had much money live in an HA property and my dad still works at age 78.

I on the other hand made quite a lot of money when I sold my London gaff and moved to a cheaper area so have a bit to spare, so

why not.

[Executive Sadman]

I thought thats why they threw open the border floodgates to all and sundry.

Guess they didnt bank on all those immigrants being entitled to the same liebour gold plated welfare state as the rest of us and decide working really isnt worth the effort.

[campervanman]

These old gits should be put away out of the bloody road. Leeches, the lot of them. Too many Ford Escorts and nice holidays that they couldn't afford has brought them to this, as most are just plain poor, but thought they could live like 007.

Sad delusion has run riot over the past 60 years. All over now though.

That was easy. Ever thought of thinking for yourself?

[jammo]

Many boomers actually eat their children - usually the weakling of the brood. It makes sense if you think about it, and it occurs surprisingly frequently in the animal kingdom. I was lucky!

[ma-ku]

Fancy that! Families helping each other? Almost like a functioning, normal society should be. Would do anything for my father, as I am sure he would (and has) for me. Talk about a good news item. There was I thinking that Labour had all but killed off the family. There's hope yet..