I recently read an online article about the U.K.’s Baby Boomers and their children. It seems the U.K. has concocted several new categories of acronyms and neologisms (I had to look this up. It means a word that is in common use, but hasn’t been accepted into mainstream language yet). Yuckies are Young Unwittingly Costly Kids: 20-somethings who live at home or are causing undue financial strain on their parents. The article quoted several surveys showing that Yuckie parents have drained as much as one-fifth of their savings and that one-third have remortgaged their homes. Kipper is the U.K. term for boomerang kids and stands for Kids in Parents’ Pockets.

These are just different name with the same meaning: kids that are eroding their parents’ retirement savings. So the Boomers in the U.K. are doing the same as their U.S. counterparts: Spending my Kid’s Inheritance, or as they say in the U.K., SKIing.

The SKIing phenomenon has migrated to Canada and showed up in The Province with the article “Crack That Nest Egg,” by Lorraine Mallinder of the Financial Post. According to the article, increased longevity and the recent economic downturn make it even less likely that there will be anything left for the kids. These trends are also mirrored in the United States.

If you or your kids fall into these categories, perhaps you should rethink your planning and insurance needs. Sit down with your agent or financial advisor to ensure that you have made the right decisions for you personal situation.