When you think of childcare, it typically conjures up images of happy toddlers playing with colorful toys. But in the current economy, the term has taken on new meaning: Many older parents are now “caring” for their grown-up children and grandchildren financially, rather than the other way around. SunAmerica's Retirement Re-Set Study found that 49 percent of pre-retirees expect to provide financial assistance to family members, and 70 percent of that subset expect to assist their adult children. Sixty-two percent anticipate the need to help support their grandchildren, while only 19 percent expect to assist parents. “That is really a strange twist on childcare coming out of the recession,” said Jana Greer, president and CEO of SunAmerica Retirement. With the help of Harris Interactive, SunAmerica polled 1,001 adults over the age of 55 during the second quarter of 2011. Families are more focused on their financial wellbeing, with 50 percent citing more conversations with family members around financial needs. In fact, when asked what their financial advisors could do better, 40 percent said to include family members in the discussion, the third most popular answer. Respondents would also like advisors to talk in a language they can understand (64 percent) and make the process more enjoyable (45 percent).
Make Way for the Techies
Wall Street's kings of finance have dominated the job market in New York City for at least a decade now. But that's about to change. Last month, Mayor Michael Bloomberg made a speech pushing for New York to become the next Silicon Valley. According to a report by residential development consultant Nancy Packes, that might not be so far off. The report says financial workers used to comprise 58 percent of Manhattan renters in 2005, but the number has slipped to 45 percent today. Meanwhile, technology workers have grown their presence from 7 percent of the city's renters to nearly 12 percent over the same period. — DB