Younger generation parents care more about being near parents

A new study from Coldwell Banker Real Estate finds that children may be the “Chief Purchasing Officers” of the family.

The survey, which was conducted among 2,800 parents across three generations, revealed that 79 percent of Millennial parents (parents age 18-34) and 70 percent of Generation X parents (parents age 35-49) said most of their major purchasing decisions revolve around their children, including home purchases. In comparison, just over half (52 percent) of Boomer parents (parents age 50-69) said this was true when raising their family.

“We have seen a dramatic shift of parents today becoming more involved in their kids’ lives,” said Dr. Robi Ludwig, psychotherapist and lifestyle correspondent for Coldwell Banker Real Estate. “But now, we are seeing this translate beyond play dates and homework. Parents today are viewing some of their largest decisions through the eyes of their kids, which was not as common 20 to 30 years ago. It is an interesting reflection of how parenting styles may be changing the way we think of consumerism and decision-making.”

Parents today are more concerned with how moving will affect their kids than before. When thinking about moving homes, significantly more Millennial (67 percent) and Generation X parents (64 percent) said that they are more concerned with the immediate effect a move would have on their children’s emotional well-being than whether is a good long-term decision for the family. In comparison, only 54 percent of Boomer parents felt this way.

Each generation believes they are more involved than the past. All three generations believe they are or were more involved in their children’s lives than their parents were in their life (68 percent of Millennial parents, 72 percent of Generation X parents and 74 percent of Boomer parents).

Parents today increasingly want to live near mom and dad. According to the survey, far more Millennial (62 percent) and Generation X parents (57 percent) said it was important to live near their parents or their spouse’s parents than Boomer parents (43 percent) did when thinking of raising their family.

The emotional connection to family members has always affected major life decisions, such as moving to a new home or city, but the Coldwell Banker survey results demonstrate the generational differences between parenting styles.