I recently read an article about the United Kingdom’s baby boomers and their children. It seems the U.K. has concocted several new categories of acronyms and neologisms (I had to look this word up – it means a newly coined word). Yuckies are “Young Unwittingly Costly Kids” – twenty-somethings who live at home or are causing undue financial strain on their parents. The article quoted several surveys showing that Yuckie parents have drained as much as a fifth of their savings and that one-third have remortgaged their homes.
Kipper is the U.K. term for boomerang kids and stands for “Kids in Parents’ Pockets.” It’s a different name with the same meaning – they are eroding their parents’ retirement savings. So the boomers in the U.K. are doing the same as their U.S. counterparts – Spending my Kid’s Inheritance, or as they say in the U.K., SKIing
The SKIing phenomenon has migrated to Canada. Increased longevity and the recent economic downturn make it even less likely that there will be anything left for the kids. These trends are also mirrored in the U.S.
I’m sure a number of us fall into these categories as will many of our clients. There has never been a better time to contact your clients and prospects to have a little fun with these new terms and ask them if it would be appropriate for them to rethink their planning.
It is also LIFE Insurance Awareness Month (LIAM), which is another reason for you to make the call. Take a look at the resources available at LIFE’s website and then contacts your clients and prospects. You’ve never had a better reason to call.
Marvin H. Feldman is the president and chief executive officer of the LIFE Foundation. He can be reached at [email protected].