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Boomers Move Back Home  

Posted Mar 24, 08 3:06 PM CDT in US,  Arts & Living    Editor's Choice

(newser) – Young people have long fled recessionary job markets by moving back home, but the current crisis has a new demographic scurrying there: the middle-aged. "This is not like, 'OK, my son just graduated from college and needs to move back in' type of thing," says one financial planner, who has seen more adult children leaning on parents for everything from rent to groceries.

“We have a hard time saying no as a culture to our children, and they keep asking for more,” another tells the AP, noting that parents can jeopardize their own financial security and retirement plans by subsidizing their kids. A recent AARP survey found that a quarter of those aged 28 to 39 receive monetary assistance from family and friends.

Source Associated Press

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Boomers Move Back Home
A foreclosure sign is seen on the lawn of a home in Egg Harbor Township, N.J., Saturday, March 15, 2008.   (AP Photo/Mel Evans)
Boomers Move Back Home
Jo Ann Bauer is seen with her parents Bill and Shirley Smith in their home Wednesday, March 19, 2008, in Eden, Wis. Laid off from her job, Bauer accepted her parents' offer to move into their home.   (AP Photo/Morry Gash)
Boomers Move Back Home
"Welcome home!" An increasing number of middle aged people, pinched by the current economic crisis, are moving back in with their parents.   (Index Stock)
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US economy  • recession  • subprime crisis  • unemployment  • parents  • housing  • Generation X  • baby boomers


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