The Parental Lifeboat

Posted by Judy Anne Cavey on Mar 5, 2012 in , , | No Comments

 

Have you turned to your parents for financial help, or are moving back home?

If so, you’re not alone. In fact, since 1970 the number of adults between 25-34 living in their parent’s home has skyrocketed to more than 50%–that’s roughly 39 million. While this may be good for those moving back, it isn’t so great for those being descended upon. According to a University of Michigan study, parents are spending 13% more on their offspring. The financial strain for these particular parents means they may have to postpone retirement, take on more debt, or raid their retirement funds already depleted by the recession.