(CNW) The generation known for its "me first" mentality is juggling the needs of their parents and children with their own future retirement needs, according to the State of the Baby Boomer study released by BMO Financial Group.
The study, conducted by The Strategic Counsel, reveals three in five Canadian boomers with children aged 18 and over are providing some kind of financial support to their kids.
Adding to the pressure, one-quarter of those boomers whose
parents are still alive have one or more elderly parents that
need their assistance on a regular basis.
Yet, while taking care of others is a big part of their
lives, boomers are becoming increasingly concerned about their
own future. Only 28 per cent of respondents are very confident
that they will be financially secure in old age compared to 41
percent of those under 40 years of age and 47 percent 60 years
A third of boomers believe their standard of living is
likely to drop in retirement, compared to 16 percent of younger
According to the study, many baby boomers are having
challenges balancing the books, with most still with debt (73
percent). Only 28 per cent of boomers say they have savings and
investments of $100,000 or more.
Despite the tenuous financial picture, almost all boomers
surveyed (91 percent) are satisfied with their lives, with
almost half (47 percent) indicating that they are very
The survey findings also include:
-  Boomers are willing, but reluctant to sell their
houses to fund retirement.
- Boomers are happy, but pre-boomers (age 60 and older) are happier.
Pre-boomers (age 60 and older) report a sense of confidence in their financial futures.