Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Boomers Move Back Home

Shaky economy has more children living with their parents—even at age 50

By Clay Dillow, Newser Staff

Posted Mar 24, 2008 3:06 PM CDT

(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.

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)

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)

"Welcome home!" An increasing number of middle aged people, pinched by the current economic crisis, are moving back in with their parents. (Index Stock)

« Prev« Prev | Next »Next » Slideshow

To report an error on this story, notify our editors.

More Newser Stories

Unemployment Rate Rises to 9.1%

And fewer new jobs than expected were created

(AP) - Employers hired only 54,000 new workers in May, the fewest in eight months, and the unemployment rate rose to 9.1%. The Labor Department report offers startling evidence that the US economy is slowing, hampered by high gas prices and natural disasters in Japan that have hurt US manufacturers. The Wall Street Journal notes that 160,000 jobs were expected to be created and the unemployment rate was expected to fall to 8.9%. But more people entered the work force last month, which pushed the unemployment rate up from 9.0% in April. More»

Recession Over for US Firms, Not Workers

US jobless rate higher than competitors despite soaring profits

(NEWSER) - The US recession is over—at least, for businesses. US workers are still mired in it. Unlike its economic competitors, America's profits have bounced back to above 2007 levels, but the unemployment rate is higher than in Britain or Russia and much higher than in Germany, Japan, or China, notes David Leonhardt at the New York Times . Economists are split on the causes, but an obvious one appears to be American workers' loss of power, he notes. More»

Jobless Claims Hit 9-Month High

Reach 500K mark as employers again cut back

(AP) - New applications for unemployment insurance reached the half-million mark last week for the first time since November, a sign that employers are likely cutting jobs again as the economy slows. The Labor Department said today that initial claims for jobless benefits rose by 12,000 last week to 500,000, the fourth increase in the past five weeks. Wall Street economists forecast that claims would drop. More»

We Need to Fend Off the Recession's Social Blows

Men have been hit hardest by high unemployment, writes David Brooks

(NEWSER) - America is facing a period of prolonged high unemployment that will require a strong response to stop the bonds of society from breaking, writes David Brooks. The recession's biggest impact has been on men, Brooks writes, noting that the gap between male and female unemployment is at its highest since records began. "Men who are unemployed for a significant amount of time are more likely to drink more, abuse their children more and suffer debilitating blows to their identity." More»

Employers Offer More OT, Fewer New Jobs

Brightening economy results in more overtime, fewer new jobs

(NEWSER) - Manufacturers skeptical about economic improvement are hedging their bets and forgoing hiring in favor of scheduling overtime work to fill welcome new orders. The tactic may be working for now—employees surely aren’t complaining—but the phenomenon is likely to be short-lived. “Overtime is more costly,” an analyst tells the Wall Street Journal . “There comes a point that it makes sense to take on new workers." More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Boomers Move Back Home

Shaky economy has more children living with their parents—even at age 50

OTHER STORIES ON OUR RADAR

baby boomer • parents • housing • recession • unemployment • US economy • Generation X • subprime crisis

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Unemployment Rate Rises to 9.1%

And fewer new jobs than expected were created

Recession Over for US Firms, Not Workers

US jobless rate higher than competitors despite soaring profits

Jobless Claims Hit 9-Month High

Reach 500K mark as employers again cut back

We Need to Fend Off the Recession's Social Blows

Men have been hit hardest by high unemployment, writes David Brooks

Employers Offer More OT, Fewer New Jobs

Brightening economy results in more overtime, fewer new jobs

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?

Boomers Move Back Home

Shaky economy has more children living with their parents—even at age 50

Bookmark & Share

OTHER STORIES ON OUR RADAR

baby boomer • parents • housing • recession • unemployment • US economy • Generation X • subprime crisis

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Unemployment Rate Rises to 9.1%

And fewer new jobs than expected were created

Recession Over for US Firms, Not Workers

US jobless rate higher than competitors despite soaring profits

Jobless Claims Hit 9-Month High

Reach 500K mark as employers again cut back

We Need to Fend Off the Recession's Social Blows

Men have been hit hardest by high unemployment, writes David Brooks

Employers Offer More OT, Fewer New Jobs

Brightening economy results in more overtime, fewer new jobs

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?