Posted on 03/21/2008 12:05:34 PM PDT by Sub-Driver
Adults Forced Back Into Parents' Homes Middle-Aged Children Starting Over With Mom, Dad
UPDATED: 2:45 pm EDT March 21, 2008 MILWAUKEE -- After being laid off from her job as an events planner at an upscale resort, Jo Ann Bauer struggled financially. She worked at several lower-paying jobs, relocated to a new city and even declared bankruptcy.
Then in December, she finally accepted her parents' invitation to move into their home -- at age 52. "I'm back living in the bedroom that I grew up in," she said.
Taking shelter with parents isn't uncommon for young people in their 20s, especially when the job market is poor. But now the slumping economy and the credit crunch are forcing some children to do so later in life -- even in middle age.
Financial planners report receiving many calls from parents seeking advice about taking in their grown children following divorces and layoffs.
Kim Foss Erickson, a financial planner in Roseville, Calif., north of Sacramento, said she has never seen older children, even those in their 50s, depending so much on their parents as in the last six months.
"This is not like, 'OK, my son just graduated from college and needs to move back in' type of thing," she said. "These are 40- and 50-year-old children of my clients that they're helping out."
Parents "jeopardize their financial freedom by continuing to subsidize their children," said Karin Maloney Stifler, a financial planner in Hudson, Ohio, and a board member of the Financial Planning Association. "We have a hard time saying no as a culture to our children, and they keep asking for more."
Bauer's parents won't take rent money or let her help much with groceries.
(Excerpt) Read more at wnbc.com ...
The reporter forgot to mention that it was all Bush's fault....
Don’t forget global warming.
This is obviously another unintended consequence of ETHANOL MADNESS...............
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I’m not going to believe this is a problem until children in their 70’s and 80’s have to move back in with their parents who are in their 90’s and 100’s.
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Forcing? Please.
There may be one (possibliy unintended) upside to this. These people may be able to help out their parents that need extra care. Even if they don’t they may be able to physically help them do things, that they may not otherwise have done if they lived out of state. Maybe they may even become closer to their folks. I’d hope that this happens anyway.
Total non-story. Multiple generations of a family living under the same roof has been a norm for people always, everywhere.
Oh to God how I wish my kids would move back in bringing my grandchildren with them. I would love having a couple of strong backs back in the house. Not ot mention the joy of having them and theirs under the same roof. A bit tight, but, well worth the loss of pricacy.
Of course, it has NOTHING to do with the spending habits of these individuals.
Simple solutions:
The parents may not expect such a contribution and wouldn't ask for it, but it is certainly appreciated.
Exactly. For some reason my having (a) a real job, unlike an “events planner”, (b) no debt aside from my car and home, (c) $0.00 credit card debt and (d) just a touch of responsibility for my money is a lifestyle these people can’t fathom.
What a huge manatee.
Mary Ellen was hot.
Thank you - a move back to a more ‘normal’ society. Perhaps a more rational one as well.
Plenty of good economics with this as well.
I know quite a few middle age people living with their parents. In all of the cases it is the children who are helping the parents who have become more dependent in their later years. Usually the only thing that the parents contribute to the arrangement is the only thing they own -their home.
I just spent 10 days staying with my elderly parents. The heat almost killed me. 65 degrees outside, 85 inside.
Hard to believe, Mary Ellen is 50 years old now.
There are 5 rules to financial stability:
1 Spend less than you earn.
2 Avoid debt.
3 Build in some liquidity (emergency savings).
4 Have a long term plan
5 Remember it all belongs to God anyway, and you’re only entrusted with a certain amount.
Of course, you can’t buy the latest Playstation/Wii games doing this, nor the McMansion with the 3 BMW’s,
so, what the heck, move back in with your elderly parents.
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