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Baby Boomer Generation Research Paper

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Financial elder abuse is a prominent issue in the world, and will continue to increase due to financial burdens the Millennials will face in their upcoming years. The fear of Social Security benefit reductions as well as the increase of college tuition prices, will add to future financial elder abuse incidents. The Baby Boomer generation will be the generation most affected by elder abuse in the near future. This generation is coming to their prime years, and is the generation that raised Generation X and the Millennials. Both these generations are of the age where they graduated college, or are currently in college. From experience I have found the burden of going to any university can cost close to fifty-thousand dollars a year. Students can take out eight-thousand to nearly twenty-thousand dollars in loans a year, …show more content…

Affordable college and alternative education are necessary to preventing financial elder abuse due to the fact that education is almost required to get a steady and stable job. By not allowing access to affordable education, a large majority of young adults are not being given the opportunity to live a stable life. If a reduction in college costs can be achieved, a reduction of interest rates on student loans can be achieved in succession to reduction in education costs. The monthly and yearly interest rates on student unsubsidized loans can add up to thousands of dollars more than expected. Lower interest rates will allow for fewer post college interest rate costs on loans. Grants as well as other financial aid opportunities will drastically improve conditions for current and younger generations, which will trickle down to a reduction in financial elder abuse instances for the Baby Boomer generation. Opportunities to access these federal and private lump sums of money will be a relief for college and post college

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