Category Archives: News

New study finds parents with adult children living at home are more depressed

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A study released today in Britain shows that parents with adult children living at home are more likely to be depressed than empty nesters. Here are our top tips for avoiding depression when adult kids live at home:

•    Put yourself first: It’s difficult for parents to put their own needs ahead of the needs of their children, but when adult kids are at home, this is critical. Don’t change travel or retirement plans to support your adult kids unless they’re really in trouble. And don’t give up your den if it’s an important retreat – find an unused space where your adult child can settle in.

•    Establish ground rules: Adult kids might not like the word “rules” but they’re important for making sure everyone has the same expectations and everyone’s needs are met. Some families with adult children living at home find a contract can help formalize the rules and keep everyone on the same page.

•    Ask kids to contribute: They may not be able to afford market-value rent, but adult children living at home should help make a dent in the extra expenses they create (extra gas, higher phone bill, etc.), or at least contribute their labor to household chores. Parents with adult kids who help out around the house are less likely to feel taken advantage of or financially compromised.

•    Don’t take on too much: A college grad is capable of cleaning a bedroom, making a meal, and doing laundry. Don’t start providing the same “services” you did when kids were small or you’ll be setting yourself up for way more work than you should reasonably bear, and paving the way for resentment and other bad feelings.

•    Take time out for yourself and your spouse: Your kids are grown-ups now, so they don’t need (and probably don’t want) to spend all their time with you. Make time to do things for yourself, and be sure your spouse isn’t pushed aside – especially if your spouse is your kids’ step-parent.

•    Talk, talk, talk: Communication is the most important step in keeping parents and adult kids happy. Don’t hold in anger, don’t seethe, and be honest. Share your thoughts and work together to continually improve the situation.

New affiliate program

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Hello readers!

We are pleased to announce the we have launched an affiliate program for the print version of our book, The Hands-On Guide to Surviving Adult Children Living at Home. The print version has over 50 pages of the same great content as our eBook, in a handy take-anywhere printed format, with full-color covers and convenient “lay-flat” binding, plus the bonuses and a 30-day guarantee.

The book sells for $37.97 plus shipping, and we offer a 15% commission. If you’d like to sign up for our affiliate program and start earning commissions on The Hands-On Guide to Surviving Adult Children Living at Home, please click here.

Generation Y has never learned to save

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A new study from Australia shows that in that country, 24% of Generation Y respondents said they have never had to budget or save, and 35% have had to do so only when they wanted to buy a specific item or go on a holiday.

The reason? Until now, economic times have been consistently good in their lifetimes, and they have always been propped up by Mom and Dad. Unfortunately, the survey shows that 80% of baby boomer parents wish their kids would learn better budgeting and saving skills. That’s because 71% of boomer parents are worried about their own financial future and the potential of delayed retirement since their finances have taken a hit in the economic crisis. Sadly, almost half of the boomer parents surveyed said they feel guilty about having to give less financial support to their adult kids.

In our book, we advise that you should never compromise your own financial health to support your adult children, unless they are in crisis. Delaying your own retirement to help fund your child’s living expenses or schooling sets a bad example, as they will only become more dependent on you, rather than learning to face and plan for financial challenges on their own.

You can read the whole article here.

Adult children living at home in the UK, Italy, and Japan

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A recent article from Scotland on Sunday reports on the trends of adult children living at home in the UK, Italy, and Japan.

One interesting thing to note is the different terminology used to describe the phenomenon. In the US, adult children returning home are often called “Boomerang Kids.” In Australia and the UK, they are called “KIPPERS” (kids in parents’ pockets eroding retirement savings), and in Japan they are call “Parasite Singles”(!). That last one is a pretty loaded term!

How will Gen Y (your kids?) cope with the recession?

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A new article from smh.com.au looks at the impact of the recession on the so-far easy lifestyles of Generation Y, many of whom have the financial buffer of still living at home.

The article figures Generation Y is going to be just fine:

Of all the generations, gen Y is the one most likely to cope well. Their extended “adultescence”, with no spouse, children or mortgage, means they will be the last to rein in their spending. Although their confidence – after a lifetime of being told they’re infallible – will be shaken, Salt [a demographer with KPMG] believes their adaptability will kick in as a survival mechanism.

If you’re dealing with Generation Y-ers who have recently returned to the nest, a solid communications strategy will be key to making the situation livable for everyone — including the kids with the shaken confidence and possibly bruised egos. You can find tips for communication with your adult children moving home here.

AARP: 33% of 18-49-year-olds live with parents or in-laws

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With Americans of all ages feeling the effects of the economic crisis and the plummeting housing market, mutigenerational households may become more prevalent in the coming years. AARP Bulletin, the go-to news source for 50+ America, recently released the results of an exclusive new survey that looks at housing trends and how the economy may be impacting adults’ living situations. More than 1,000 people age 18 and older were surveyed about who they live with, how likely it is that they will need to move in with another family member or friend, and how comfortable they would be living with additional friends or family members if that would become necessary.

The results show a direct relation between a loss of income and young adults who are moving back home with their parents after a period of independence. Additional key findings include:

Multigenerational Housing: 11% of people age 50+ live with their grandchildren or their parents.

“Boomerang Adults”: 11% of people age 35-44 report living with their parents or their in-laws.

Why People Move: 34% of people who said that they would likely have to move in with family or friends said that it would be due to a loss of income.

“The recession is having an impact on people of all ages, and the effects are starting to be felt at home,” said Jim Toedtman, Vice President and Editor of AARP Bulletin. “We see more people living under the same roof as their parents and their adult children. As Americans face tougher economic conditions, we’ll likely see more of this.”

Results of AARP Bulletin’s Multigenerational Housing survey suggest that as jobs continue to disappear and the foreclosure crisis continues, millions of 50+ Americans will be living with their adult children and grandchildren in multigenerational homes.

Multigenerational Housing and Boomerang Adults

The survey found that that 4% of people age 50+ are currently living with their grandchildren. Results also showed 33% of respondents age 18-49 live with parents or in-laws. A further analysis of this group showed 11% of respondents age 35-44 live with parents or in-laws. Of those respondents, 9% report living with their parents and 2% reporting living with their in-laws.

Likelihood of Moving in With Others

When asked how likely it is that they may need to move in with family members or friends or have family members or friends move in with them, 15% said that it was likely. Among those who thought it would be likely, the largest percentage — about one-third (34%) — said it would be due to a loss of income, 19% said that it would be due to a change in job status and 8% cited home foreclosure as the reason.

Results also showed that respondents between 18 and 34 are more likely than older respondents to have already made such a move (20% vs. 9% for those age 35-44; 8% for those 45-54; 9% for those 55-64; and 7% for those 65+).

Comfort in Living with Additional Friends or Family Members

Roughly one in seven (14%) respondents said they would not be very comfortable, and nearly three in ten (29%) would not be at all comfortable living with additional friends or family members. In contrast, 14% said they would be extremely comfortable and 14% said they would be very comfortable if such a change in housing became necessary. More than a quarter (27%) of respondents said they would be somewhat comfortable with such an arrangement.

Additional information can be found in the March 2009 issue of AARP Bulletin at http://www.aarp.org/research/housing-mobility/affordability/multigen_housing.html.

AARP Bulletin’s Multigenerational Housing Survey was conducted by International Communications Research, Inc. (ICR) in January 2009. A short telephone survey among a nationally representative sample of adults ages 18 and older was taken to learn more about housing patterns and their options about how their own housing situation may change in the next year. The total sample consisted of 1,002 adults who are 18 and older.

Source: AARP/PRNewswire