During our teen years, many of us dream about turning 18 and fleeing the nest as soon as possible.
If you were like me, this fantasy often followed ear-shattering scream matches with the ‘rents and slammed doors, and angry tears and frantic journal writing.
What ever you dreamt for your future, it likely did not include returning back to your parents’ home not-so-many years later.
Following the 2007 recession, though, moving back in with your parents has become a reality for many young adults who struggle to make financial ends meet.
The movement — especially among recent college students — is so far-reaching that we are now known as the (ugh) Boomerang generation.
According to 2011 figures from the U.S. Census Bureau, about 5.9 million adults from 25 to 34 years old live with their parents, up 26 percent from 2007.
Many young adults pitch in with rent and help with chores, but financial experts say there are ways to help motivate young people get back on their feet and out on their own.
“Just having [your children] move in with no (exit) agreement and kind of a hush-hush idea about money because you don’t want to pressure them is not a good idea,” Hilary Martin, a certified financial planner at San Jose’s Family Wealth Consulting Group, told the Merc. “Be supportive, but also have expectations.”
According to branch manager of Charles Schwab in San Ramon, Colleen O’Brien, some tips for families to follow when adult children move back home include:
Last modified April 9, 2012 11:17 am
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