Does money -- or lack of it -- worry your grandchildren?
Gen Z -- born between 1990 and 1999 -- told TD Ameritrade in a recent survey that paying for college concerned them the most. Some 46 percent were worried about college loan debt, and 36 percent fear they won't be able to pay for college at all.
With the cost of college having risen nearly 1,200 percent over the last 35 years, according to the U.S. Department of Labor, concerns about the cost of college are totally understandable.
Gen Z kids appear to have a realistic grip on the problem. About 70 percent said that if they were given $500, they would save at least part of it, and 46 percent say they plan to pay for college themselves by working, getting grants, etc.
Grandparents can help out by opening a college savings account on their grandchildren's behalf.
They can give another generous gift by helping their grandchildren start saving for retirement. While retirement may seem too far in advance to worry about, those in Gen Z are already considering it -- and they aren't optimistic.
They told TD Ameritrade that although -- on average -- they plan to start saving for retirement at age 28, 31 percent don't think they'll be able to put aside enough money to retire and 39 percent don't believe they'll be able to count on Social Security.
Sitting down with grandchildren and talking about retirement planning is another helpful thing grandparents can do, says Carrie Braxdale, managing director of investor services at TD Ameritrade. Boomers told Ameritrade in a different survey that they didn't start saving for retirement until they were 32, but if they had it to do over, they would have begun at age 24. Sharing that message could motivate grandchildren to start early.
"This generation is very practical and the way they are looking at things makes a lot of sense," Braxdale says. "It's great when grandparents can be part of the solution."