LifeTuner

Kippers. No, it's not "good tippers" meets "good kissers" as the sound might imply. It's actually a newly created acronym that stands for Kids in Parents' Pockets Eroding Retirement Savings.

Sounds pretty negative, right?

A new study from the Harvard Business Review examines the relationships between Gen Y and Boomers (i.e., you and your parents for many of you reading this). The study found that many have good relationships with their parents and older counterparts, talking on the phone everyday and looking to people over the age of 50 the most for professional advice. However, it also discovered that many Boomers (41 percent) contribute financial support to their adult children; and of these Boomers, the average monthly direct assistance they're giving their adult children is $471 per month.

Times have changed for sure. But many outside economic forces have helped to create the change. Things like a weak job market, rising healthcare costs, expensive college tuition and mounting credit card debt have likely contributed to more young adults needing the help of parents.

The AARP Bulletin Today recently reported on a nationwide survey by Grandparents.com that showed 62 percent of 10,000 older adults say they've provided financial support to their adult children and grandchildren in the 12 months that ended in June. (See "Grandparents Help Out.") Many helped with day-to-day expenses, while others helped with mortgage or rent payments, healthcare, daycare or education costs.

The AARP article gives tips to parents helping their adult-age children, so we thought we'd counter by giving tips to the adult-age children when accepting help from their parents. Here goes:

• When moving back in with parents, create a list of clear goals and a timeline. This will enable you to stay on track to make the most out of living at home, and take advantage of savings and the time this allows you to conquer some debt. This should also help with relationships so that your parents see that you have goals in mind and are truly making the best out of their generosity.
  
  

• Take the time to start thinking about your own retirement. This is important because as your parents have helped you, there will be a time when they aren't around to do this anymore. Planning your retirement early is one of the best ways to secure financial security in your future. Plus, this will really impress them that you're taking time to think about this now.
  
  

• Pick their brains about money philosophies and habits they've used to build wealth. If your parents are in a stable enough situation to be able to extend monetary help to you then they must have some pointers on how to manage money. Ask them what has worked for them over the years.
  
  

• Update them on your progress. Check in with your parents regularly to show them how you are leveraging their help to get out of debt, create a stable emergency fund or work on your next career move. It's important that YOU initiate this and not them. This will help to show that you are being responsible, appreciate them, and not just taking their help in stride.

Financial help among family members is not a completely new concept. If not your family, then who else would be able to lend a hand in times of need? The point is that if done right, this can make a huge difference to a young adult's financial life.

Show them that "Kippers" doesn't have to be a bad word.