Are Your Adult Kids Still Living in the Basement?
Despite an improving job market, more millennials are moving back home with their parents – and staying longer. A third of 18- to 34-year-olds are living with their families — more than during the Great Recession, according to a recent analysis from the Pew Research Center.
An article in Yahoo Finance analyzed some of the reasons for this social trend and found some interesting factors:
#1. College Debt is Forcing this Lower Cost Arrangement.
“The most recent class graduated with the most debt in history – an average of $35,051.”
While millennials said they were able to find a job after graduating, they felt financially unprepared to live on their own because of their education debt.
#2. Parents Want to Help.
“Parents are welcoming their adult kids back home with open arms, (in an effort to help them tackle their debt). Under their parents’ roof, many recent grads are saving thousands of dollars each month, money that would’ve gone to rent and food if they lived on their own. Some parents are using this opportunity to teach their kids to budget and save. ”
While many chide this trend as something undesirable or wrong, I have a different take.
In other cultures of the world it is not uncommon for families to stay under the same roof for generations. This does not mean that the children are lazy or unmotivated. In fact, it may mean they are more pragmatic and wiser than some of their friends. While we all want our adult children to thrive, it may be the Lord is using this trend to help them do just that. I for one see the beauty in bringing families back together.
I invite you to take Crown’s free online assessment to get an in-depth picture of your financial health from a Biblical perspective. The report will give you a comparison of your beliefs and behaviors in 9 key areas that the Bible says are important aspects of managing money. Not only that, you will receive recommendations for how to improve in the areas where you struggle.
Originally posted on Crown.