Adult Children Living at Home?

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November 8, 2019
Adult Children Living at Home?

After the recession of 2008 the job market suffered and it became incredibly difficult for young adults to support themselves. The after effects are still being felt from that event over 10 years ago and many young adults find themselves back at home with mom and dad. The Pew Research Center found that nearly one third of 18 to 34-year-olds currently live with a parent(s).

Although many parents are delighted to have their kids around again, this is rarely an ideal situation for either party. A young adult in this situation may be dealing with shame and discouragement and a parent, no doubt, wants their child to live their own successful life!

If you know someone in this situation, we’d like to share a few tips that can be helpful in this tricky situation.

  • Set a specific goal. It’s important for the young adult and parent to communicate about the purpose of this living arrangement. How long will this take place? Is the young adult searching for a certain kind of job before heading out on their own? Does the young adult want to save up a certain amount before leaving?
  • Discuss expectations. Overall, it’s important to determine a plan for these living arrangements. Things are not going to be the same now that the child is an adult. Communicate expectations and house rules for both parties. Will there be rent or utilities charges?
  • Money advice. If you are the adult child in this situation, take some time to build good money habits. If you don’t have a savings account set up yet, start one! This can be a great opportunity to start an emergency fund/account also.
  • Use a credit card (seriously). Pay-as-you-go usually makes the most sense to millennials who have seen the nasty side of the havoc that debt can wreak! But, using a credit card responsibly can be the key to building good credit, which can in turn help out with purchasing a car or house in the future.

This situation has the potential to be uncomfortable for both an adult child and a parent. But, if there’s a plan in place, it can give both parties reassurance and hope for the future. Have a great weekend!