Newly published data shows a record number of young ‘adults’ are moving back home with mommy and daddy after college. These Millennials who are in there thirties are also cutting into their parents budgets once they move back in.
Recent study conducted by Fidelity and the Stanford Center on Longevity, has learned that those ‘adult’ children are putting a severe emotional and financial strain on Baby Boomers.
“Adult children who move back home is a common event; one in nine Boomer parents surveyed said their kids returned “to the nest” in the past year. And it’s taking a toll: 68 percent of parents reported they are more stressed, and more than half said they are less happy (53 percent), less satisfied (54 percent) and have less leisure time (53 percent). Those new housemates come at a cost: 76 percent of parents said they face higher expenses. The health impacts are significant for women, as 46 percent reported sleeping worse and 40 percent reported gaining weight.” Reported from a recent study done by Fidelity.
These numbers get worse. According to Bloomberg, there are 2.2 million millennials who live at home with mom and dad but neither attended classes nor have a job. Of those, 40% who are considered to be in their early thirties are predominantly white and have a high school diploma or less.