Growing up and moving out of mom and dad’s house is a right of passage many young adults look forward to, but these days, a lot of them end up back at home. A new survey of 2-thousand parents of kids in their 20s who live at home with them reveals that 85% are actually happy to have their birds back in the nest. But that doesn’t mean there aren’t some downsides to the arrangement.
According to the poll:
- More than half (58%) of parents surveyed say their kids have always lived at home, while 42% initially moved out before moving back in.
- Over two-thirds (69%) called their parents to ask if they could move home, because they couldn’t afford to live on their own (42%), to save money (33%), or just wanted to be close to family (25%).
- For 45%, having their adult child move back in with them has improved their relationship, but taking care of their grown-up kids is taking a toll on parents.
- A quarter of respondents admit they weren’t financially prepared for their child to live with them as an adult, and 19% say it’s had a negative impact on their financial planning or retirement plans.
- That may be because 29% of parents say their child rarely or never contributes financially to the household, adding to the major financial strain 34% have felt in the last year.
- Nearly half (46%) of parents confess they’re worried about their child’s ability to be financially independent.
- Three in 10 moms and dads acknowledge that their adult child is in a worse place financially than they were at their age.
- Parents estimate that their kids will continue living at home with them for another 16 months, on average, but 32% admit they have no idea how long it will be.
Source: NY Post
Scott's Thoughts:
- These adult kids could at least pay a bill or two for mom and dad to help pull their weight!
- I would love to see my kids more now that they are young adults but not sure I could live with them full time.
- There are good parts and bad parts.