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Sandwiched Generation - simultaneously housing their Gen Z kids while also caring for aging parents. In some cases, putting their retirement plans/dreams at risk.
Moving back in with Mom and Dad - is happening more often, due to higher housing costs. And neither generation are particularly happy about it.
A recent survey (see link below) by Credit Karma revealed that almost a third of those responding Gen Z-ers are living at home - due mainly to higher rental and housing costs.
Michael Crews, CFPP CEO of North Texas Wealth Management and the author of Saturday Everyday, 9 Simple Steps to Live Your Best Financial Life sees the COVID-19 pandemic being a catalyst for this trend. However, overall lack of affordability for housing is contributing as well. Rents are up steeply and higher interest rates have made new home purchases unobtainable for many younger potential homebuyers.
In addition, many Gen Z-ers are leaving college with student debts - and those load repayments leave less money left to cover housing costs.
Crews advises his "sandwiched" clients to establish and maintain boundaries on spending - for both their aging parents and adult children - to avoid taking their retirement plans off track.
Nearly a third of Gen Z live at home while others struggle to afford rent - Intuit Credit Karma
https://www.ntxwealth.com/