Many Millennials and younger Generation Xers will soon be helping to support their aging parents.
Some of those people have only a vague idea of what their parents’ finances are like.
Analysts at the AgeUp team generated data on the knowledge gap in January, when they conducted a survey of 1,335 U.S. adults ages 25 through 44.
About 70% of the survey participants said they knew something about their parents’ mortgage, and 80% said they knew something about their parents’ general household expenses.
But a high percentage of the participants admitted that they knew nothing at all about key elements of their parents finances.
Here are the “know nothing” percentages for five of those elements:
- 401(k) plan savings: 29%
- Credit card debt: 30%
- Social Security benefits: 32%
- Pension plans: 33%
- Investments their parents were holding outside of 401(l) plans: 33%
AgeUp is a deferred income annuity that’s designed to protect people against extreme longevity risk.