Don’t Call The Boomerang Generation Freeloaders
I’m making progress. Better still, my kids are making progress. Two of my three boys have left home and are in college. However, that doesn’t mean they won’t come back. Many do.
Thanks to the recession, the percentage of kids moving back home is at a 50 year high. As many as 3 in 10 young adults are living with their parents. But don’t call them freeloaders. According to a new Pew Research Center study (of kids ages 24-34 living at home):
- 48% of boomerang children say they pay rent to their parents.
- Almost 9 in 10 (89%) say they help with household expenses, like buying groceries or paying for utilities.
- Only 8% say they regularly receive money or financial assistance from their family.
Think these kids living at home with mom and dad are living the high life. Maybe not. The Pew study found: Nearly 8 in 10 (78%) don’t have enough money to lead the kind of life they want, compared with 55% of their peers who are living on their own.
But shacking up with their parents isn’t getting these kids down. Pew also found more than three-quarters are satisfied with their current living situation. And better still, they feel confident about their future plans.
My wife and I are waiting to see what happens with our boys. Until then, we have no plans to downsize our home. We may need those extra rooms. And the rent money.
Here’s more on the study.