1 in 10 baby boomers borrowing for everyday expenses.

The AP is reporting that in a new survey conducted by AARP Survey: 1 in 10 baby boomers borrowing for everyday expenses.

In the telephone survey of 1,002 adults 45 and older, nearly four in 10 said they had helped a child pay bills or expenses. Among retirees, one-third said they'd helped their children pay bills. Eight percent said they'd helped a parent pay bills or expenses. The survey's margin of sampling error was plus or minus 3 percentage points.

One-third of survey participants said they stopped putting money into their 401(k) or retirement account and 14 percent said they had cut back on their medications.



The majority of baby boomers said they were finding it more difficult to pay for essentials and utilities. Six in 10 said they had cut back on eating out and entertainment. More than one-quarter of those surveyed are having trouble paying their mortgage or rent.

Compared with older people, a greater percentage of younger baby boomers, those 45 to 54, said they were cutting back on medications, prematurely withdrawing retirement funds and postponing paying bills.