Multi-Generation Households
By Jennifer Porter
Guess Who’s Coming to Dinner (a lot)? Adult children and grandchildren! And Grandparents are paying the tab according to Grand Magazine!
The ‘mother-in-law’ cottage may now be home to the grandkids as young parents move in with their parents in unprecedented numbers (the Boomerang Generation). This only works because grandparents have more money.
The dramatic rise in multigenerational households has accelerated since this 2008 Pew Research Center Report.
Grandparents spend freely on their families. 78% have decided to share their wealth during their lifetime vs leaving a chunk when they die, according to a 2009 grandparent survey conducted by MetLife. 63% had given financial gifts to their grandchildren in the last five years. They gave an average of $8,661. The most common reason for giving: general financial support.
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