Almost three million adult children living at home in the UK

New research from Saga Home Insurance provides some interesting statistics about the number of adult children living at home in the UK. The key finding is that around 3 million parents over 50 have adult children living at home.

But broken down by age, the stats get much scarier:

  • The average age of adult children living at home is 27
  • About 14% of the adult children living at home are between 31 and 40
  • 32% of parents aged 50–54 have adult children living at home
  • 16% of parents aged 60–64 still have adult kids at home!

More than a quarter of middle-aged adults are the PRIMARY source of income for their adult children

Pew Research is always an interesting source of statistics on just about everything in American life. Today I saw a statistic from their report on the sandwich generation that just about knocked me over. I’ve reported time and time again on statistics that show that large numbers of adults are providing financial support to their adult children. But I’d never before seen a stat capturing how many of those parents are providing the primary support for their adult kids. That means these parents aren’t just topping up an adult child’s measly earnings at an entry-level job, or providing occasional assistance when things get tough. Primary support means that these parents are still the biggest source of income in their adult children’s lives — maybe even the only source. Here’s the statistic exactly as it appears in the Pew report — and note that they define an adult child as a child aged 18+:

Roughly half (48%) of adults ages 40 to 59 have provided some financial support to at least one grown child in the past year, with 27% providing the primary support.

Parents providing support to adult children

I have to say, even after all the work I’ve done on this subject, that shocks me. Primary support is not just a few dollars here and there — it’s a massive financial commitment for parents who are in the age range that they need to be thinking about saving for their own retirement.

Reporter looking for familiy that’s used a contract with adult kids

As you know, I highly recommend putting together a contract with your adult kids who are moving home. I think this is so important that I provide a contract template in the toolkit available with my book.

A reporter from a major newspaper is writing a story on this topic and is hoping to speak with a parent who’s used a contract with their adult kids. If you’ve done so, and you’re interested in being interviewed for a story, send me an e-mail and I’ll connect you with the reporter.

Adult kids reaping the digital benefits of living at home — even after they leave

Here’s an interesting new stat for you: More than 40% of parents pay the cell phone bills for their adult kids aged 18 to 35. Twenty-nine percent of them do so even after the adult child has moved away from from home.

I have to say, this one really shocked me. I just find it hard to understand this one — and I can only imagine what my parents’ faces would have looked like if I had ever asked them to pay for my cell phone. I can tell you this — they would have said no. And I really think  they would have been right to do so. It’s one thing for an adult child to benefit from the family landline while living at home (I certainly did this). It’s entirely different for a parent to pay a bill that is clearly not a household expense. Even if the adult child’s phone is part of a family plan, they should still be responsible for their portion of the bill.

And how about this? It doesn’t end at the cell phone bill. Some parents are paying for all the digital goodies that keep their adult children entertained:

  • 17% pay for mobile wifi access
  • 12% pay for streaming video accounts like Hulu and Netflix
  • 10% pay for music services like iTunes and Spotify

All of this (including the cell phone) adds up to about $108 every month, or almost $1,300 per year. That may not sound like a huge amount of money, but it’s certainly not insignificant.

I have to say, none of these services are necessities of life. If a 30-year-old can’t afford these services, maybe he or she should learn to live without them for a few years. When I was in my early twenties, some of these services didn’t exist. But I did pay for my own cell phone — and I had my own account at the video rental place (remember those?), even when I was living at home.

All the stats in this article come from a poll by Harris Interactive as reported by the Wall Street Journal.

Canadian contest offers a prize package to get kids out of the nest

adult children living at home contestWell, here’s something interesting.

I should start by saying that AdultChildrenLivingatHome.com has no affiliation with this contest whatsoever — I just thought it was something you all would want to hear about. In fact, I’m definitely interested in knowing what you think.

Here’s the scoop. The Canadian rate-finder website RateSupermarket.ca is having a contest for the “Ultimate Mother’s Day Gift.” What’s the prize? A prize package worth about $5,400 designed to help get your adult kid out of your house. They don’t specify what the prize package includes, other than to say it’s “full of grown up goodies” and that it’s designed to “get yourself or your grown child out of the house.”

So, what do you think? Is this really the ultimate Mother’s Day gift? Is $5,400 really enough to get an adult kid out of the house? Will you be entering?

You can find the contest details (and enter, of you’re a Canadian resident and you’re so inclined) here.

A chat with Claudia Lonow, creator of “How to Live With Your Parents (For the Rest of Your Life)”

Yesterday, I got to chat with Claufia Lonow, creator of “How to Live With Your Parents (For the Rest of Your Life),” a new ABC series starring Sarah Chalke, Elizabeth Perkins, and Brad Garrett. We were on HuffPost Live together, and it was great to have a chance to hear about her really positive experience living with her parents. (The short version: She has lived with them for about 18 years and has no plans to move out — but several years ago they all bought a house together, so she’s certainly paying her own way.)

Here are a couple of shots from the show.

HuffPo2-1

HuffP02-2(with Claudia and host Nancy Redd)

If you missed the segment, you can watch it anytime here.

On the difficulties finding work in today’s economy: Two perspectives

In his personal finance column a couple of weeks ago, Globe and Mail columnist Rob Carrick referenced a letter he published about a year ago. The letter was from a 29-year-old who had a lot to say about his generation’s difficulty finding work — especially meaningful and/or well-paying work. I didn’t see that letter when it was published last year, but Rob’s column this week made me want to seek it out.

The letter stirs up mixed feelings in me. Here’s an excerpt:

What makes me extremely bitter is how poorly people of my age and younger have been treated by potential employers…

About a month from now, I’ll likely randomly get an email … telling me that while they really liked me, I wasn’t the right person for the role and they hired someone else. That’s it. The kicker? They likely didn’t hire anyone at all and wasted everyone’s time…

Being willing to work is absolutely USELESS if you can’t get a foot in the door. The economy is only part of the problem.

I have to say, this gets my hackles up — for a couple of reasons. First, I can relate. After all, I’m only five years older than the letter writer. Yes, five years can make a big difference in the economic landscape. But things were not easy when I graduated either. (My first job after graduating from university was working for slightly more than minimum wage at a book store.) I understand that things are hard(er) now — but sometimes you really do have to work for less than you think you’re worth so you can build skills and contacts, which make you worth much more.

But what really irks me is his view of the hiring process — because I’ve been a hiring manager, and I can tell you that I find it hard to believe companies are intentionally wasting their own employees’ time interviewing people for jobs that don’t exist. Hiring is a huge expense for a company, and it takes an almost unbelievable amount of time. At one company I worked for, I think I interviewed pretty much every young writer in Vancouver. Clearly, most of them did not get the job. Maybe they thought I was evil and that we never hired anyone. But here’s the thing: Many of them just had not developed their skills to the point of being hireable — yet. I once hired a writer with very little paid experience because she had an excellent blog that showed she could write. When I asked for samples from more experienced writers and they either didn’t have any, or they were badly written, or they spelled my name or the name of the company wrong in the e-mail they sent them in, well, they didn’t get hired. Sometimes I did a round of hiring and didn’t hire anyone — not because there was no job to fill, but because it would have been way too expensive for the company to bring on a new employee that everyone knew was not going to work out.

For the letter writer, I don’t know what the answer is. I know it’s tough out there. I know it can seem bleak, if not impossible. You’re right that by sheer virtue of the time you were born and graduated, you face a tougher road than those 20, 10, or even 5 years older than you. I would just urge you to keep going. And don’t believe the system is out to get you. Make what you can out of the opportunities you’re given. And hope for a little (or a lot) of luck along the way.

For another perspective, here’s another letter from a 29-year-old “job-haver” who wrote Rob to respond to the first letter. As I read it, I kept saying, right out loud, “YES!” A couple of his excerpts:

Applying for hundreds of jobs, over the Internet, in a wide variety of fields…  is the shotgun approach, and it is a big mistake…

This is hard to swallow, but the people who will get their dream jobs are already doing their dream jobs before they get hired. You wanna be an accountant? Start doing your friends’ taxes. You wanna work in an ad agency? Make spec ads for your friends’ and family’s small businesses. Wanna be a journalist? Start making YouTube videos. Mechanic? Fix some cars. Teacher? Tutor poor kids. Yeah, you gotta make money. So sling coffee. And be darn well passionate about it. Find a coffee shop you love and pitch yourself to them, so you can make a few bucks an hour to support your weekends of doing your dream job for free. That’s how economies work. People do things. Real things in the real world with grease and sweat and moving parts and grit. Your credentials are theory.

I could not agree more.

 

 

 

 

 

W Network Show Looking for Canadian Boomerang Family that Needs Help

Force Four Entertainment, W Network, and The Audience are looking for families or individuals that are faced with a dilemma, are having a difficult time with the decision, are looking for some advice, and would like to share their journey.

Specifically, they are looking for a family with a boomerang kid living at home  faced with the dilemma of moving on.

Here’s some information about the show from the producers:

The Audience is a transformative, caring and compassionate social series.  Each one-hour episode focuses on an individual or family who is struggling with a life-changing decision and is at a crossroads in their life.  For one week, the individual is followed by “The Audience” 50 insightful people from diverse backgrounds. “The Audience” puts their heads together, debates the dilemma, and comes up with the best possible solution… the wisdom of the crowd.  At the end of the week, “The Audience” presents its considered, collective, and thoughtful advice to the individual.

For more information about the show, or if your family wants to get involved, you can get in touch with the producers directly by email at theaudience@forcefour.com or on facebook.

Infographic: Delayed path to adulthood

Check out this great infographic from CBC’s Doc Zone to go with their documentary Generation Jobless. It shows some of the challenges young people face today as they make their way through university and try to find a job — key steps to getting them out of the parental home. You can find an interactive version that shows the costs of everyday items in 1980 versus 2012 at http://www.cbc.ca/doczone/episode/generation-jobless.html

Infographic: American saving and spending habits

I wanted to share this excellent infographic from BillShrink.com. It provides a great look at Americans’ spending and saving habits, along with some thoughts on why it’s become so easy to spend and so hard to save. Some of these reasons (lifestyle maintenance, instant gratification, using plastic instead of real money, avoiding the truth, and keeping up with the Joneses) often combine to leave young adults in a bit of a financial mess… which is one reason why they may end up back on their parents’ doorstep. Some great food for thought here, and some potential topics to discuss with your adult kids as part of your budgeting process for their stay at home.
Infographic: American saving and spending