If you’re in debt, you’re not alone. Federal Reserve data shows that consumer debt has been rising since 2013, with non-housing 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 due, at least in part, to lack of financial discipline, themselves.” LendingTree pointed out.
When it comes to the debt blame game, some young adults point to their baby 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 believe 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 better personal finance education growing up. This relates to 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.
Failing to set a good example and teaching at home
The third mistake 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 most likely bear some 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 Baby Boomer Parents Made That Are Keeping You in Debt
