By Hal M. Bundrick
NEW YORK (MainStreet) ¿ It's more than simply convenient laundry service. Young adults are living at home in record numbers for other, very valid financial reasons, too ¿ but at what price? A survey of stay-at-home young adults by the Securian Financial Group finds that adult children are paying room and board, but perhaps not always in cash. Only 10% pay rent, but nearly half (49%) kick-in to help cover household expenses.
Most (82%) said they even help out with household chores. The words "don't forget to take out the trash" are burned into their psyche.
"Most of these young adults are in the dark about the effect they have on their parents' finances," said Michelle Hall, market research manager for 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."
Nearly half (48%) of those surveyed say they live with their parents so that they can save money to buy their own homes. Another 40% said they live at home so they can spend their money on other things, such as cars and travel. More than one-third (35.8%) were unemployed.
Only 8% of the young adult respondents said their parents ask for no compensation of any kind. The survey studied 700 adults aged 18 to 32 with a high school education or higher.