I stumbled across this blog, Boomerang kids, boomerang budgets, on Reuters.com and found two statistics that really show an increasing trend. It is no longer a stigma that young adults face – moving in with your parents might be a financial necessity. Here were the two statistics quoted in the article I found:
“Among 18-to-34-year-olds, 10 percent say the recession has forced them to live with their parents, a 2009 Pew Research Center study found.”
Note that this is all the way up to 34 year olds! This is not just young college grads!
“Sky-high student debt and minimal job opportunities create a perfect storm for young adults, and will force an estimated 85 percent to return home this year after graduation, according to projections from Twentysomething”
This estimate really shows what is going on in the job market, especially for college grads. The author of this blog gives some good tips on what parents and young adults can do to make this situation work effectively
Here are some other tips for you if you are moving back in with you parents (whether as a new college grad or in another age range):
- Sit down with your parents and develop a plan – don’t be a free loader! Decide with your parents what your plan and deadline is for moving out. Set goals and realistic expectations. Discuss what your contribution is going to be to the household, financially and otherwise.
- You need to remain independent and responsible. If you are having trouble finding your dream job, find a part-time temporary job (or full-time if possible). Make some money so that you can pay for your bills and help where you can around the house. Being able to make some money will help keep you motivated and confident in your job search.
- Ask for your parents help and advice in your job search – but don’t let them do it for you. Have them be your mentor. You don’t want them to just do things for you. It’s like when a parent does a child’s homework all the time. It doesn’t pay off in the long run. You need to be responsible and take action. And network, network, network.
Learn more about college grad career coaching:
Here’s to having a career you love!
Certified Career Coach