Generational Divides

Over 50% Of Generation X Can't Afford To Help Their Senior Parents

Major concerns over inflation found among families

To learn exactly how Gen X adult children are feeling about their parents’ financial state, AAG, a national leader in home equity solutions for seniors, conducted the Adult Children Survey with over 1,500 participants ages 40-55 who have senior parents. To read the full results of AAG’s Adult Children Survey, visit here.

IRVINE, Calif., Aug. 9, 2022 /PRNewswire/ — Inflation and current economic conditions are creating problems for senior Baby Boomers, and new data from American Advisors Group (AAG) shows that those financial issues could become a problem for their Generation X (Gen X) children.

“Americans want to see their parents age with grace and have the resources they need to live comfortably, but for many families the current economy is making that difficult,” said AAG Chief Marketing Officer Martin Lenoir. “With inflation driving up living expenses, an unplanned medical event can create hardship for families who can’t afford elder-care solutions such as an in-home caregiver. Children of seniors are now searching for financial solutions to help fund their parents’ later years and our data shows that the majority are now in favor of utilizing their parents’ home equity.”

The Data Shows that Gen X is Worried About their Baby Boomer Parents

  • Over half of Gen X adult children do not have enough money to help their senior parents. 55% of adult children said they are not financially prepared to care for their parents in a time of need.
  • The majority of Gen X adult children are concerned that inflation is hurting their parents’ situation. 62% of adult children say they are worried about the impact that inflation is having on their parents’ finances.
  • Over a third of Gen X adult children are worried their parents’ financial issues will fall on them. 35% of adult children say they are worried their parents will become a financial burden to them at some point.
  • Over half of Gen X adult children are not able to afford any type of elder care for their parents. 59% of adult children could not afford in-home nursing care or care at an assisted living facility for their parents.
  • Half of Gen X adult children in the U.S. do not know how much debt their parents have amassed. 50% of adult children said they are not aware of how much debt their parents currently have.
  • Most Gen X adult children believe that their parents’ home equity could be a financial solution. 60% of adult children said they are in favor of their parents using their home equity to fund their later years.
  • Over three-fourths of parents have never spoken to their Gen X children about using their home equity. 76% of adult children said they have never discussed utilizing their home equity to fund their retirement years.

While Americans search for ways to increase their cash flow, senior housing wealth reached a historic high at a record $11 trillion, according to the National Reverse Mortgage Lenders Association. Through a federally insured Home Equity Conversion Mortgage (HECM) loan, more commonly known as a reverse mortgage, seniors aged 62 and older can access their home equity, eliminate their monthly mortgage payments, and remain in their home long term. Seniors who use a reverse mortgage loan to remain in their home long term are required to continue paying their taxes and insurance, maintain the home, and comply with all terms of the loan.




Survey Methodology
AAG’s Adult Children Survey was conducted on May 12, 2022, and included 1,510 participants. Responses include numerous formats, including yes-and-no answers, ranking preferences, and multiple-choice replies. The survey was conducted on a digital platform so participants from all regions of the United States could answer from the safety of their homes. All participants were selected randomly with age and parental homeownership being the only qualifying factors.
About AAG
AAG is dedicated to helping older Americans find new ways to fund a better retirement through the responsible use of home equity. As the nation’s leader in reverse mortgage lending, AAG offers a suite of home equity solutions — including Home Equity Conversion Mortgages, traditional and proprietary mortgages, that are designed to give seniors a better financial outcome in retirement. AAG is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). To learn more about AAG and reverse mortgage loans, please visit the company’s website at