Financial Planning Update
Why Aren't More Millennials Moving On Up And Out?
Is your Millennial child still living under you roof? You're not alone.
According to a new U.S. Census Bureau report, about one-third of Millennials—people born in the 1980 and '90s—live with their parents. Those who choose this option seem to prefer it to living on their own in substandard quarters or bunking with a partner or friend.
Why are children staying longer at home? Some curmudgeonly parents will claim it results from lack of ambition, being coddled, or having a feeling of self-entitlement. In most cases, though, it's more complicated than that.
Among the reasons cited by Millennials are:
1. They're paying off student loans. It's hard to afford your own place when you still owe money for college. For many Millennials, that debt remains in the tens of thousands of dollars.
2. They can't find a good job. Although the unemployment rate continues to decline, there may be stiff competition for work in fields many young people have trained for.
3. The rent is too high. Particularly in popular urban areas, the cost of a decent apartment can be prohibitive.
4. Parents are struggling, too. The older generation isn't immune to financial woes, and contributing money to help Mom and Dad may mean living with them, too.
Whatever the reasons, taking steps to improve your family's finances is likely to benefit everyone—parents and children.
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