Children should pay more attention to the financial status of their elders in the family and communicate early to face debt problems together. Schematic diagram. (Bloomberg)
[Financial Channel/Comprehensive Report] The latest survey in the United States found that nearly 20% (17%) of the baby boomers have concealed the entire amount of their debts from their adult children, and only 19% are willing to disclose their debts to their family members. Experts analyze that parents do not want their children to think that they are weak, and they also want to maintain an image of being dependable. Even though their financial capabilities are limited, they still reluctantly take money to help their adult children, just because they cannot bear to say, "I can't help you with this money."
CNBC Select reported that according to the 2026 Debt Current Survey released by Accredited Debt Relief and Money.com, this study interviewed 2,000 American adults who had been in debt in the past year.
The results show that among the baby boomers (born between 1946 and 1964), 17% said they have concealed the entire amount of their debt from their adult children, only 19% are willing to disclose the amount of their debt to family members, and only 9% admit their debt to friends, which is the lowest among all generations.
In comparison, 34% of Generation Z (born between 1997 and 2012) are willing to talk to family about debt, 27% of Millennials (born between 1981 and 1996), and 24% of Generation X (born between 1965 and 1980).
The survey also revealed the financial pressure on the elderly. Among respondents aged 62 to 80, 36% said they often felt stressed due to debt, 28% felt uncertain about their financial situation, and 16% admitted that they felt ashamed because they owed money. What is even more noteworthy is that 30% of baby boomer respondents said that the amount of debt has increased in the past 12 months, indicating that the financial burden of some elderly people is still increasing.
Why do parents prefer to hide it rather than tell their children? Bobbi Rebell, chief financial education consultant at Accredited Debt Relief, analyzed that parents usually don’t want their children to think they are weak, and they also want to maintain an image of being dependable. Some parents even reluctantly spend more money than they can afford in order to help their adult children, even though their financial capabilities are limited, just because they don't want to tell their children: "I can't help you with this money."
Rebell reminds that income is usually more fixed after retirement, so it is especially important to discuss financial issues with adult children. If they find that their parents' bills are overdue, their quality of life is declining, or their account savings are gradually decreasing, their children should be more vigilant and pay attention to their parents' financial status in a timely manner.
As for how to start the conversation, she suggested not to directly ask your parents how much they owe. You can start by sharing your own financial problems, such as asking your parents how they usually arrange bills and manage monthly expenses, so that the elders can talk about their financial situation naturally without feeling criticized. If necessary, you can also invite other brothers and sisters to discuss it together, or seek the assistance of accountants, lawyers, and financial advisors so that the family can face the problem together and avoid the continued expansion of debt.
