And now for something competely different. While all the recent studies show how generous we aging Baby Boomers have been to our adult children, a study just out of Great Britain suggests our children have been equally as generous to us.
The study found that one in 10 of our adult children have given us money, according to insurer Scottish Widows. Moreover, six out of 10 people who have given money to their parents said they had wanted to help them, 34% said their parents needed the money more than they did.
The study, which refers to the phenomenon as "sap back," found that one reason parents were asking their adult children for cash was "likely to be because they had given them money in the past that had been earmarked for their retirement."
Previous research by the group found that 22% of parents had helped their children buy a house or repay debt.
Anne Young, a savings expert at Scottish Widows, said in a follow-up newspaper article that "the glaring hole in parents' finances will need to be replaced somehow, whether by sapping funds back from their children or by other means."
The story also noted that "earlier this month, Prudential identified a growing trend for parents to go one step further by moving in with their children as a means of saving money."
As they say in the texting world, OMG.