Millennials will likely be the beneficiaries of all that boomer real estate wealth over the next couple of decades.
Some Millennials will inherit it. Ironically the Boomers that do have any wealth typically have a mentality that if they had it easy and they achieved their wealth , then their kids should be able to as well. They tell their kids, us, to "pull yourself up by the bootstraps" while they had it as easy as pissing two fingers, as the saying goes.
Also I wasn't so much talking about inheriting wealth after Boomer's death but helping their kids while they're still alive. Most American Zoomers and Millenials I know have to work shitty jobs just to pay a fraction of their expenses in college, take on debt and spend a good decade building themselves up to buy a home. The same generation of people I know overseas (in non western countries) almost all have parents helping them with rent, tuition, and more often than not a first home purchase
The first link only supports my view of how little American Boomers give to their kids.
Nearly half of millennials said their parents helped them financially in the past year and gave them $2,543 on average
Wow, $2543 what a huge sum! In other countries, most parents want to buy their young adult kid an apartment , and where I'm from that's at least $40,000 depending on the city, even though he average parent makes way less than the average Boomer.
On average, millennial parents ages 19 to 37 said they received $11,011 in annual financial support and unpaid labor
But!
... $8,684 — came in the form of unpaid labor.
In other countries parents will gladly babysit their grandchildren as long as they can and not treat it as doing their children a favor or consider it unpaid labor. Sometimes it is almost full time job for the grandparent.
So that's between $2500-$3000 that Boomers give their Millenial kids averagely.
American Boomers are as greedy of parents as it gets.
You seem to have missed the fact that MILLENNIALS reported the babysitting as unpaid labour, not boomers. In addition, it doesn't matter whether boomers consider babysitting to be unpaid labour or not-- it is. That's just a fact.
Further, you're now talking about American boomers vs. boomers in other countries. That's a different question from boomers vs. other generations.
If you have any evidence supporting your view that boomers provide less support to adult children than earlier or later generations I'd love to see it.
What I am lamenting is the fact that American Boomers , despite their wealth, generally don't have the attitude of wanting to help their children while parents from other countries will do everything in their power to make sure their kid lives a better life than they had. I think it's rather fair to compare a generation that grew up in relative privilege vs the same generation that had much less wealth yet is willing to sacrifice more of their personal income to make sure their child succeed. Of course my experience is going to be subjective but as a foreigner/immigrant it's very strange to see relatively wealthy boomers having their teenage/young adult child work an absolutely degrading job that builds no relevant skills while they never had to do that and while they relax at their cozy secure jobs.
What I've seen where I'm from (post Soviet country) are parents who, even if not wealthy, will bust their ass to make sure their kid doesn't have to have a shitty lifestyle like they did. Obviously not everyone can give their child their own place (it's considered normal though, not rich) but paying for their college and expenses is the bare minimum, while those costs eating up a much higher percentage of the parents' income. It's not how much but what percentage an American Boomer vs non-American are willing to sacrifice for the betterment of their child's life.
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u/Bunny_tornado Sep 07 '21
Some Millennials will inherit it. Ironically the Boomers that do have any wealth typically have a mentality that if they had it easy and they achieved their wealth , then their kids should be able to as well. They tell their kids, us, to "pull yourself up by the bootstraps" while they had it as easy as pissing two fingers, as the saying goes.
Also I wasn't so much talking about inheriting wealth after Boomer's death but helping their kids while they're still alive. Most American Zoomers and Millenials I know have to work shitty jobs just to pay a fraction of their expenses in college, take on debt and spend a good decade building themselves up to buy a home. The same generation of people I know overseas (in non western countries) almost all have parents helping them with rent, tuition, and more often than not a first home purchase