“Family ties” has new meaning
Boomers and Millennials are redefining the ties that bind parent and child in profound ways.
- Boomers saw their parents as authority figures. In contrast, Millennials view their Boomer parents more as peers, mentors and friends.
- Although Boomers found themselves on their own after college, they are happy to continue supporting their children well into adulthood.
- Yet, Millennials don’t adhere to the principles that have led to their parents’ success. They hold twice as much in cash as their parents, and 25% have already dipped into their retirement accounts.
Get the right support for your family
Your UBS Financial Advisor can help Boomers prepare to support children longer, and help Millennials understand the value of long-term investing.