For many years, we've thought of the "sandwich generation" as people who are taking care of older parents while raising young children of their own. But that seems to be changing. Many people today are taking care of their moms and dads- and, increasingly, their grown kids who still need financial help. So even though their nests are empty, their wallets are quickly emptying too.
For young adults, could moving back in with mom and dad be a good career move? That's the argument from Washington Post writer Steven Mintz, who calls for an end to the idea that 20-somethings living with parents (the so-called "boomerang" kids, who fly from the next only to come crashing back in again) are only doing it for the free laundry.
According to the Pew Research Center, more than one-fifth of adults ages 25 to 34 live with their parents or in other "multigenerational" arrangements, the highest level since the 1950s. You've probably heard enough stories about this trend by now to know it doesn't just reflect a renewed interest in family bonding; these "boomerang children" are mostly moving back in with mom and dad (or grandma and grandpa) because of unemployment and economic hardship. In fact, the recession reduced the rate at which Americans set up new households by at least half.
I've been seeing a lot of news stories - from Good Morning America segments to this story on the Wall Street Journal's site - about the increase in "boomerang kids," that is, adult children who are moving back home to their parents' home amid the recession. Now, as excited as I am to head home for Thanksgiving, I don't have any desire to be "under my dad's roof" again any time soon... But according to the WSJ and a Pew Research survey, one in ten adults ages 18-35 have moved back in with mom and dad because of the poor economy. That seems like a lot of boomerangs!
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