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Boomerang: The Intergenerational Dependencies Impacting Financial Security

Boomerang: The Intergenerational Dependencies Impacting Financial Security

October 18 at 3:30 pm / 6:30 pm

The COVID-19 pandemic has underscored the intergenerational dependencies between millennials and their baby boomer parents. Nearly 60 percent of millennials receive some form of financial help from their parents. The increase in young adults living with their parents during the pandemic highlighted a trend already in the making. About one-quarter of millennials are providing some form of care to their aging parents, putting careers and personal lives on hold. Because of the pandemic, only 57 percent of women are now participating in the workforce, the lowest level since 1988 and a development disproportionately impacting young women. How will younger generations achieve financial security, and will their parents be able to help them financially when their own retirement preparedness is lacking? This panel will explore the long-term social and economic impacts of current behaviors among interdependent generations.

Moderator

Caroline Servat
Associate Director, Center for the Future of Aging, Milken Institute

Speakers

Ric Edelman
Founder, Edelman Financial Engines

Jeff Huber
CEO, Home Instead

Dolores Huerta
Founder and President, Dolores Huerta Foundation

Aaron Smith
Co-Founder, Savi

Angela Williams
President and CEO, United Way Worldwide; former CEO, Easterseals

Published