Baby Boomers get ready! Kids in their mid 30’s moving back home! Economists are now saying that a kid today will now cost $240,000 more over their lifetime than they used to-due to the economic environment!
I have noticed around my neighborhood alot of adult children moving back in with their parents… Many of these neighbors are not happy at all with their moving back in!
So lets ask the parents, would you let your kids move back?
Nearly all boomers surveyed (93 per cent) have provided some form of financial support to their adult children.
The list includes helping them pay for college tuition or loans (71 per cent), allowing them to live at home rent-free (55 per cent) and helping them to buy a car (53 per cent).
But few, it seems, are complaining. Despite uncertainty around meeting their own financial goals, a majority of parents (86 per cent) say that if they had to do it again, they would still support their adult children financially.
In fact, 20 per cent say they actually feel guilty about not being able to do more for their adult kids, particularly those that find their way home.
Nonetheless, parents still need to set some boundaries and stick to them when kids return, warns Susan Newman, author of Under One Roof Again: All Grown Up and (Re)learning to Live Together Happily.
But that doesn’t mean making a life plan for your adult children. This is something they need to devise on their own so they’ll follow it.
Try to be a coach, rather than a boss; act as a sounding board and help them see different perspectives before they make their own decisions, she suggests.
Be sure to have the “good guest” talk at the outset, says Jennifer Berry, a consultant with Mosaic Counselling and Family Services in Kitchener, Ont. At the same time, discuss how long your son or daughter plans on staying.
“When children grow up in a home, they often adopt the attitude that the home they live in is their house and the cars are their cars,” she explains.
The good old days of once they turned 18 they are on their own is long gone… Economists are now saying that a kid today will now cost $240,000 more over their lifetime than they used to-due to the economic environment!