Take a gander at this stat: from 2001 and 2006 the number of 25 to 29-year-olds who were either still living at home or had returned to the nest nearly tripled. And this was before the recession.
So many are returning home as young adults that Statistics Canada dubbed them the boomerang generation. The Stats Can wits say those who never left home at all, “failed to launch.”
Gen Y’ers — born 1977-1986 — aren’t necessarily more indolent than previous generations, (though some are!) rather they’re being squeezed in a vice. According to Statistics Canada, employment income for 22 to 34–year-olds has decreased relatively regardless of education over the past two decades. At the same time the cost of living, especially education, has increased dramatically. It’s a pretty simple recipe for disaster — less money chasing greater expenses.
Paying down education debt or saving for an asset like a car or a house are two reasons to head or stay home. But financial difficulties caused by heedless spending is something different. A few years ago one of my daughters wanted back in, but refused to discuss the reason, which I knew was largely caused by over spending. I made it a condition of her return that we would monitor her finances.
Along with giving birth to her, this was among the most painful experiences of my life — but it worked. She is now a very financially responsible mom. No matter why your child comes back home be clear about why so you don’t enable bad habits and make sure he or she contributes financially or you’ll find your own disposable income suddenly shrinking.