If you are in debt, you are not alone. Federal Reserve data shows that consumer debt has been rising since 2013, with non-real estate debt seeing the fastest growth.
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There is a lot of blame to go around when it comes to this debt, especially when it comes to credit cards, according to a LendingTree survey of more than 2,000 Americans. “From pets to the pandemic, credit card debt holders have plenty of places to point the finger, including, in the case of the 31% who acknowledge the problem is at least partly due to a lack of financial discipline, themselves.” LendingTree pointed out.
When it comes to the debt blame game, some younger adults point the finger at their boomer parents. Here are three mistakes those parents made that could keep their adult children in debt.
Do not encourage schools to teach personal finance
Many adults feel that schools could have done a better job of educating them about personal finances. According to LendingTree’s survey, more than half of credit card debt holders surveyed believe they would not have had as much debt if they had received a better education in personal finance while growing up. This touches on the ongoing national debate about the importance of this type of education in public schools.
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Your own financial situations
Many adults (nearly a third in LendingTree’s survey) also think their parents’ financial situation set them up for debt. This is especially true for Gen Z and millennials.
Not setting a good example and teaching at home
The third mistake that boomer parents are blamed for is not educating their children at home by setting an example of good financial management and using tools to help their children learn to manage money.
That said, if you’re in debt, your parents will likely foot part of the cost. Nearly half of parents provide financial support to their adult children, according to a Savings.com survey, including 43% who help with a car, 24% who help with student loans and 18% who help with student debt. Credit cards. Fifty-eight percent say they sacrifice their own financial security to do so.
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This article originally appeared on GOBankingRates.com: 3 Mistakes Your Boomer Parents Made That Are Keeping You in Debt
