Color of Money: Should parents welcome the boomerang generation back?
WASHINGTON -- Once your children launched, you thought you were free, right? They were now out of your pocketbook, and your parenting duties were done.
But for many parents, that freedom has yet to arrive. Their adult children are moving back in for financial relief.
Others boomerang feeling entitled to access their parents' resources. A recent survey by Bankrate.com found that 51% of Americans are sacrificing their retirement savings to free up money to assist their adult children.
A Pew Research Center analysis of census data found that in 2014, for the first time in more than 130 years, adults 18 to 34 were slightly more likely to be living in their parents' home than they were to be living with a spouse or partner in their own household.
What's causing this trend? Several factors:
-- The high cost of housing
-- Burgeoning student debt
-- An increased cost of living in many areas
-- Slow or stagnant wage growth
-- Poor job opportunities -- even for adults with a college degree