In the affordability crisis, 37% of parents are counting on financial help from the Bank of Baby Boomers and can’t wait for the Great Wealth Transfer

Nearly two in five parents with young children, or 37%, expect to receive some sort of financial help from their own parents or grandparents over the next year, according to the BMO Real Financial Progress Index.

The finding comes as the cost of raising children continues putting pressure on household budgets nationwide. BMO found that 82% of American parents say the cost of raising children has “gotten out of control,” while 86% say everyday expenses including daycare, after-school programs, summer camps and school supplies are making it harder to save for their children’s futures. Over three quarters of parents said financial support from extended family is essential to afford opportunities for their children.

“Raising kids has always been a labor of love, but right now, it is also a major feat of financial engineering with families torn between spending on the urgent and the important,” BMO U.S. Head of Consumer Products Robin Growley said in the report. “Whether you are budgeting for diapers or dorm rooms, the absolute best antidote to daily financial stress is a clear, actionable plan.”

And the role of the baby boomer generation isn’t just limited to........

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