Over 60% of adult children say inflation is hurting their senior parents, according to AAG Survey – InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Life Insurance News
    • Annuity News
    • Health/Employee Benefits
    • Property and Casualty
    • Advisor News
    • Washington Wire
    • Regulation News
    • Sponsored Articles
    • Monthly Focus
  • INN Exclusives
  • NewsWires
  • Magazine
  • Webinars
  • Free Newsletters
Sign in or register to be an INNsider.
  • Exclusives
  • NewsWires
  • Magazine
  • Webinars
  • Free Newsletters
  • Insider Pro
  • About
  • Advertise
  • Editorial Staff
  • Contact
  • Newsletters

Get Social

  • Facebook
  • Twitter
  • LinkedIn
Advisor News
Newswires RSS Get our newsletter
Order Prints
July 20, 2022 Newswires No comments
Share
Share
Tweet
Email

Over 60% of adult children say inflation is hurting their senior parents, according to AAG Survey

PR Newswire

AAG's National Adult Children Survey Shows Concerns Over Senior Parents' Finances

IRVINE, Calif., July 20, 2022 /PRNewswire/ -- Current economic conditions have many seniors struggling to afford their later years, and new data from American Advisors Group (AAG) shows that their hardship is causing stress among their older aged children. To learn exactly how American adult children are feeling about their parents' financial state, AAG, a national leader in home equity solutions for seniors, conducted the Adult Children Survey with over 1,500 participants ages 40-55 who have senior parents.


American Advisors Group (AAG) Adult Children Survey

Related stories

  • Some major REITs limiting cash-out requests from investors
  • Four stages of retirement planning

"Older Americans are feeling the effects of inflation, and their children are worried that their parents aren't going to have enough money to sustain their retirement years," said AAG Chief Marketing Officer Martin Lenoir. "With the current economic environment, it's no surprise that the majority of adult children are now in favor of their parents tapping into their home equity. For many seniors, their home is their most valuable asset and now may be the time to start utilizing it."

The Data Shows Adult Children Are Worried About their Senior Parents Financially:

  • The majority of adult children are concerned that inflation is hurting their parents' situation. 62% of adult children say they are worried about the impact that inflation is having on their parents' finances.
  • Half of adult children believe their parents will need to move into their home at some point. 50% of adult children say they plan for their parents to move into their house in their later years.
  • Over a third of adult children are worried their parents' financial issues will fall on them. 35% of adult children say they are worried their parents will become a financial burden to them at some point.
  • Nearly half of adult children are already concerned about their parents' financial situation. 43% of adult children said they are worried about their parents' financial status.
  • Half of adult children do not know how much debt their parents have amassed. 50% of adult children said they are not aware of how much debt their parents currently have.
  • Most adult children believe that their parents' home equity could be a financial solution. 60% of adult children said they are in favor of their parents using their home equity to fund their later years.
  • Over three-fourths of parents have never spoken to their children about using their home equity. 76% of adult children said they have never discussed utilizing their home equity to fund their retirement years.

To read the full results of AAG's Adult Children Survey, visit the link below:
https://www.aag.com/adult-children-survey/

While Americans search for ways to increase their cash flow, senior housing wealth reached a historic high at a record $10 trillion, according to the National Reverse Mortgage Lenders Association. Through a federally insured Home Equity Conversion Mortgage (HECM) loan, more commonly known as a reverse mortgage, seniors aged 62 and older can access their home equity, eliminate their monthly mortgage payments, and remain in their home long term. Seniors who use a reverse mortgage loan to remain in their home long term are required to continue paying their taxes and insurance, maintain the home, and comply with all terms of the loan.

AAG's Adult Children Survey was conducted on May 12, 2022, and included 1,510 participants. Responses include numerous formats, including yes-and-no answers, ranking preferences, and multiple-choice replies. The survey was conducted on a digital platform so participants from all regions of the United States could answer from the safety of their homes. All participants were selected randomly with age and parental homeownership being the only qualifying factors.

About AAG
AAG is dedicated to helping older Americans find new ways to fund a better retirement through the responsible use of home equity. As the nation's leader in reverse mortgage lending, AAG offers a suite of home equity solutions — including Home Equity Conversion Mortgages, traditional and proprietary mortgages, that are designed to give seniors a better financial outcome in retirement. AAG is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). To learn more about AAG and reverse mortgage loans, please visit the company's website at www.aag.com.

American Advisors Group, NMLS ID: 9392, 18200 Von Karman Ave., Suite 300, Irvine, CA 92612.

Contact:Ryan Whittington[email protected]
(657) 236-5220


American Advisors Group (PRNewsfoto/American Advisors Group)

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/over-60-of-adult-children-say-inflation-is-hurting-their-senior-parents-according-to-aag-survey-301589708.html

SOURCE American Advisors Group (AAG)

Older

Recession may be looming in second half, say strategists surveyed by Natixis Investment Managers

Newer

Alex Murdaugh pleads not guilty to murdering his wife and son, adds ‘Go look for the real killers’

Advisor News

  • Some major REITs limiting cash-out requests from investors
  • Four stages of retirement planning
  • Can you work while on Social Security?
  • Even on $100K-plus, more Americans are living paycheck-to-paycheck
  • Opinion: the state wealth-tax alliance
More Advisor News

Annuity News

  • Sweet streams of income: ChatGPT, the bard of annuities
  • F&G Annuities & Life announces equity investment in life IMO SYNCIS
  • Investors scrambling to lock in rates propel annuity sales to record highs
  • North American and Annexus launch new fixed index annuity
  • Producers stew as insurers slow to process life and annuity applications
More Annuity News

Health/Employee Benefits News

  • Medicaid coverage is expiring for millions of Americans – but there's a proven way to keep many of them insured
  • Health savings account balances increase in 2021
  • Outcome Health trial gets underway with prosecutors alleging former execs were involved in $1 billion fraud scheme
  • Bill incentivizing gun owners to secure firearms addresses public health concern
  • With CalPERS, add another to list of California's botched projects
More Health/Employee Benefits News

Life Insurance News

  • NAIFA’s Future Leaders Program offers free sessions for students
  • Scott Boutin named president of Standard Security Life
  • Agent insists Alex Murdaugh suggested he killed his son
  • 78% of families suffer financially handling estate affairs
  • National Life expands living benefits suite
Sponsor
More Life Insurance News
The time is 05:27:18am test

- Presented By -

Top Read Stories

  • Investors scrambling to lock in rates propel annuity sales to record highs
  • Chicago news roundup: PPP fraud uncovered in Chicago, informant reveals $100K bounty on FBG Duck and more
  • For some, nothing to fear from taking RMDs, professor says
  • North Carolina businessman pleads guilty in multi-million tax fraud case
  • Study: Education level should drive decisions on Social Security, annuities
More Top Read Stories >

FEATURED OFFERS

Meet Encova Life
We know agents matter. You can count on our life team to be high tech, high touch and responsive.

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Life Insurance News
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty
  • Advisor News
  • Washington Wire
  • Regulation News
  • Sponsored Articles
  • Monthly Focus

Top Sections

  • Life Insurance News
  • Annuity News
  • Health/Employee Benefits News
  • Property and Casualty News
  • AdvisorNews
  • Washington Wire
  • Insurance Webinars

Our Company

  • About
  • Editorial Staff
  • Magazine
  • Write for INN
  • Advertise
  • Contact

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2023 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • AdvisorNews

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.