Baby Boomers spend a high percentage of their income oneducation and on their adult children and not on their retirementaccounts, according to a new study by the National Center forPolicy Analysis.

“How are Baby Boomers Spending their Money?” used data from theBureau of Labor Statistics' Consumer Expenditure Survey to comparethe preretirement spending habits of today's middle- age workersand today's older workers (those over age 55) to the spendinghabits of those groups 20 years ago.

What the report's authors found is that real incomes for thesegroups hasn't changed much in two decades, but the portion ofdisposable income households spend on certain categories of goodsand services has increased.

Boomers spend more on education. From 1990 to 2010, educationexpenditures increased by 80% for 45- to 54-year-olds and 22% for55- to 64-year-olds. As with health care, the cost of a collegeeducation has grown faster than income for decades, so one-third ofthe nation's student loan debt is held by individuals over the ageof 40.

Most of those education expenses are going toward children'seducations, the report said.

Boomers also are spending a great deal on their adult children.A recent survey by the National Endowment for Financial Educationfound that more than half of parents are helping to support theiradult children. Among parents of 18-to-39-year-old children, 59%are providing financial support to adult children who are no longerin school. That includes living expenses, transportation costs,spending money, medical bills and paying back loans.

Another survey found that two out of five parents have paid offdebt for their adult children, including 29% who paid off theirstudent loans.

Housing is the biggest expense for Boomers, with three quartersof middle-aged and older households holding mortgages.

From 1990 to 2010, the portion of money going toward housingincreased by about 25%. For 55- to 64-year-olds, nearly half ofthis increase was due to an increase in the interest portion oftheir house payments.

According to the study, Baby Boomers have not increased theirspending on entertainment. On food purchases, includingrestaurants, Boomers between age 45 and 54 years old spent 18% lessfrom 1990 to 2010. Those 55 to 64 spent 20% less.

Household furnishings fell nearly one-third for 45- to54-year-olds and one-fourth for 55- to 64-year-olds. Clothingexpenses showed the steepest decline, falling 42% for 45- to54-year-olds and 70% for 55- to 64-year-olds.

This article was originally posted at BenefitsPro.com, a sister siteof Credit Union Times.