There's a new trend thanks to the pandemic, that actually isn't surprising many people. Millennials (adults between the ages of 24 and 39) are moving back home to live with their parents now more than ever. It's not by choice...It's out of necessity.
- About two-thirds of parents say they are providing financial support to their adult children during the crisis, helping to pay for everything from groceries to health care expenses.
- Half are helping their adult children pay for everyday costs such as gas, according to a recent survey from Country Financial.
- One in five has had their adult child move back home with them, according to the study, which is based on responses from more than 1,300 adults in mid-August.
Even before the pandemic, millennials were delaying life milestones like buying homes and getting married as they coped with financial stresses like student loans – with many remaining in their parents’ homes longer than previous generations. But the pandemic delivered another economic whammy to this generation, with half of Americans between 25 to 39 years old suffering job or income losses since March 2020.
The number of millennials living at home actually surpasses a previous peak set during the Great Depression.
Parents who help their adult children are also getting closer to retirement and may be making some trade-offs – like skimping on their own savings – to help out.
Do YOU know anyone that has moved home with mom and/or dad? Let us know! 877-981-0981.
Carolyn McArdle talked about it on the air! Listen below...