This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

It Costs a Lot When the Kids Move Back In

NEW YORK ( TheStreet) -- So you're looking to save on some household bills?

There are many ways to do that, starting with cutting your cable bill, reducing your mortgage rate with a refinancing deal or even moving to a smaller house.

But one surefire way to make your household budget balloon right back up again is to invite an adult child to move back into your house.

Sure, you may not have much of a choice. According to Gallup 28.4% of Americans in the 18-to-29 age group were "underemployed" as of July 31.

That's triggered a prodigal son-and-daughter return to the nest for almost 22 million American young adults, according to the Pew Research Center and Securian Financial Group, or about 36% of all U.S. young adults between the ages of 18 and 31.

"Most of these young adults are in the dark about the effect they have on their parents' finances," says Michelle Hall, a market research manager at Securian Financial Group. "Nearly 45% say their living at home has no financial impact. Yet elsewhere in the survey, nearly half (44%) of those same people said they are unsure of the impact. They simply do not know how living at home affects their parents financially."

The study points out that only 10% of young adults living at home pay rent, although 49% say they help with some household expenses, such as utility or cable bills. In addition, the study reports that "parents not only keep their adult children living at home in the dark about their finances, few parents make financial demands on them."

A separate study from the National Endowment for Financial Education says that 25% of parents with adult children under the same roof go into debt, while 60% of U.S. parents are "financially supporting" their adult children.

In addition, NEFE says that 13% of parents put off buying a new home, and 7% delayed retirement to help their adults sons and daughters out financially.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $113.29 0.00%
FB $91.01 0.00%
GOOG $630.38 0.00%
TSLA $248.48 0.00%
YHOO $33.14 0.00%

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs