For Baby Boomer's and members of Generation Y reciprocity is name of the game and although contemporary America is a far cry from the era of Confucius, most Americans believe they should help their parents in old age in return for their financial support during youth, according to a recent MetLife study.
The study, Multi-Generational Views on Family and Financial Obligations found that members of the respective generations agree that parents should support their children through their college years although they don't think parents should be responsible for 100 percent of tuition.
With respect to the current state of the economy both parties might need to agree when it comes to financial assistance. The trend of grown children staying in their parent's home after college is not going to change anytime soon and parents who may be laid-off or struggling to retire might reach out to their children for help without the hesitation and embarrassment that involved such ventures in the past; only 42% of parents say that they would not accept money from their children.
