At least closer in terms of proximity. A recent survey from the Pew Research Center shows that because of difficulties with their personal finances, many young adults are being forced to move back in with their parents. Of parents polled by Pew, 13 percent said that one of their adult children has had to start living with them again due to economic stress.
“Social scientists call them ‘boomerangers’ – young adults who move in with parents after living away from home,” a report from Pew stated. “This recession has produced a bumper crop.”
Overall, 4 percent of respondents who are older than 18 said they have had to move back in with their parents because of the recession. That number spikes for those who are between 18 and 34 years old, with 10 percent of respondents saying they’ve had to return home because of personal finance difficulties associated with the economic downturn.
According to the survey’s results, about 70 percent of respondents who lived with their parents were under the age of 30. Of adults who said they now live with their parents, 35 percent said they had lived alone at some point.
Along with forcing them to move back in with mom and dad, the survey’s results show that the recession is forcing many younger people to delay going forward with important life decisions, such as getting married or having a child. Of those polled, 15 percent under the age of 35 who are single said they have postponed getting married because of the recession. Furthermore, 14 percent of respondents said they have put off having a child.
“The proportion of those who postponed their wedding because of the recession increases to 21 percent if the sample of young adults is limited to those 25 to 34 – the age range in which most people get married,” Pew’s report said.
Though some young people are returning home in order to better deal with the recession, a number are resorting to taking on roommates in order to cut living expenses. The group most likely to do this, according to the survey, is the 18 to 24 age range. Of those respondents, 24 percent said the recession drove them to find a roommate. That’s compared to the 3 percent of those age 25 to 34 who said they did the same.
Of course, one of the driving factors that may influence people to look for help, either from their parents or a roommate, is unemployment. In October, the overall unemployment rate came in at 10.2 percent according to the Bureau of Labor Statistics. However, those age 24 to 34 posted a higher unemployment rate at 10.8 percent.
The situation is even worse for younger workers. The 20 to 24 age group posted an unemployment rate of 15.6 percent, while the 16 to 19 age group came in at 27.6 percent.
Regardless of the age group, many analysts predict that the unemployment rate will continue to persist at higher levels through 2010, which means even more people may find themselves coming home for more than just the holidays.
There are no posts related to Recession Forcing Many to Move Back With Parents.
Leave a Reply