Millennials, boomers talk grandparents raising grandchildren
Child care payments have surged more than 30% since 2019: Bank of America
‘The Big Money Show’ co-hosts react to frustrations from millennials over the rising cost of childcare and how their parents are not as readily available to help with raising kids.
While baby boomers are out enjoying retirement, some millennial are feeling abandoned by their parents who are too busy to help raise their kids.
FOX Business' Lydia Hu took to the streets of New York City to ask Americans how they feel, with some saying they want to enjoy their golden years while others said they would rather have their parents pitch in.
Baby boomers own roughly half of the wealth in America, and are now spending more on travel and hotel stays than younger generations, according to data from Bank of America.
RISING CHILD CARE COSTS ARE STARTING TO BITE US FAMILIES
Federal Reserve data from 2022 Q4 showed the generation held $78.2 trillion while millennials owned $13.3 trillion.
O'Leary Ventures Chairman and 'Shark Tank' star Kevin O'Leary joins ‘The Big Money Show’ to discuss the state of crypto and the new poll saying that millennials need $525K a year to ‘feel happy.’
"It would be harder for us to get what we need done without my parents around to help out," one man said.
"They do travel a lot of good time to see us, but many times they're in Italy," one man said of his parents.
"You could zoom with them now. You can face time with them. You don't need to be right up the street," another man added about his grandchildren.
Another said: "We took about five months of vacation this year."
"It was hard trying to get all that arrangement without the extra set," a woman stressed in response.
Lesley Williams kisses grandson Jesse, 8 months, as grandsons Ozzie, 3; and Devon, 2 1/2, eat lunch at her home in Edmonds, Washington, March 25, 2022. Williams quit her bookkeeping job at a lumber company in 2020 to care for her grandchildren and mo … (Photo by Lindsey Wasson for The Washington Post via Getty Images / Getty Images)
In addition to difficulties with homeownership and taxing inflation on groceries and consumer goods, Millennials also face skyrocketing childcare costs.
"I really sympathize with my fellow millennials who need to lean on the grandparents and thought maybe they could," Hu said on "The Big Money Show" Tuesday.
MILLENNIALS LESS LIKELY THAN BOOMERS TO OWN A HOME, GET MARRIED EARLY: STUDY
The average child care payment per household has steadily marched higher over the past three years, with middle-and upper-income families seeing the biggest increase, according to a new study published by the Bank of America Institute that is based on internal customer data.
As of September, the average American family spent more than $700 per month on child care costs – a 32% spike from the typical level in 2019.
Congress allocated $24 billion in emergency funding to help keep child care providers afloat as part of the American Rescue Plan, passed in 2021. But that pandemic-era program officially expired at the end of September, leaving child care providers in a lurch; experts have warned that without the funding, the industry may see a spate of tuition hikes, layoffs and closures.
Pancake Pantry owner Chip Bradley and restaurant patrons speak to FOX Business' Madison Alworth about still feeling the brunt of decades-high inflation.
Considering the costs facing millennials, one woman simply said, "grandparents should have a balance" between helping their children and grandchildren and enjoying retirement.
CLICK HERE TO READ MORE ON FOX BUSINESS
FOX Business' Megan Henney contributed to this report.