Boomerang Kids
Many Gen Zers as old as 25 are back home living with their parents.
More than half decided to "boomerang" back to live with their parents they say due to the uncertainty of the economy.
On the parent's side --- Young-Adults moving back is making the cost of raising a child never-ending. Financial Strategist Mitch Kramer says it's especially common with parents who were enablers and rescuers when their kids were younger. He says it's time for parents to put themselves first. "It's putting the parents behind an 8 Ball. Let's turn the tables. If the parents get laid off - do you think the child will/can support his parents?" It's putting a financial hardship on parents including those who have invested and saved for years. "The bond market is the worst it has been EVER. And...if the parents are working for a corporation - they may not be able to work as long as they had planned to."
Many of these GenZers are saying inflation --- 8% --- is to blame , and Kramer asks what about the grown kids of helicopter parents? "Parents have built in this sense of entitlement. What parents have to do is say, 'OK - if you're going to live back at home, it will be for only a short period of time.' Then give them a specific 'out by' date."
Kramer says if you're raising children now and want to avoid this situation in the future --- he recommends these two books by Henry Cloud:
Boundaries The Entitlement Cure
photo:Getty
Adult offspring living in parents' homePhoto: Getty Images