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Adults Forced Back Into Parents' Homes - Middle-Aged Children Starting Over With Mom, Dad
WNBC ^

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 ...


TOPICS: Culture/Society; News/Current Events
KEYWORDS: babyboomers; family; genx
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Oh cry me a river.......

The reporter forgot to mention that it was all Bush's fault....

1 posted on 03/21/2008 12:05:35 PM PDT by Sub-Driver
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To: Sub-Driver
Here's your answer:

"We have a hard time saying no as a culture to our children, and they keep asking for more."
2 posted on 03/21/2008 12:07:42 PM PDT by Lucky9teen ("Get all the fools on your side and you can be elected to anything.")
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To: Sub-Driver

Don’t forget global warming.


3 posted on 03/21/2008 12:07:54 PM PDT by Secret Agent Man (I'd like to tell you, but then I'd have to kill you.)
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To: Sub-Driver

This is obviously another unintended consequence of ETHANOL MADNESS...............


4 posted on 03/21/2008 12:10:13 PM PDT by Red Badger ( We don't have science, but we do have consensus.......)
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To: Sub-Driver
"even declared bankruptcy"

Wow, that's dig deep responsibility!


5 posted on 03/21/2008 12:10:26 PM PDT by I see my hands (_8(|)
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To: Sub-Driver

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.


6 posted on 03/21/2008 12:11:05 PM PDT by Nonstatist
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To: Sub-Driver
But now the slumping economy and the credit crunch are forcing some children to do so later in life -- even in middle age.

******************

Forcing? Please.

7 posted on 03/21/2008 12:11:17 PM PDT by trisham (Zen is not easy. It takes effort to attain nothingness. And then what do you have? Bupkis.)
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To: Sub-Driver

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.


8 posted on 03/21/2008 12:11:21 PM PDT by Secret Agent Man (I'd like to tell you, but then I'd have to kill you.)
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To: Sub-Driver

Total non-story. Multiple generations of a family living under the same roof has been a norm for people always, everywhere.


9 posted on 03/21/2008 12:11:59 PM PDT by swain_forkbeard (Rationality may not be sufficient, but it is necessary.)
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To: Sub-Driver

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.


10 posted on 03/21/2008 12:13:15 PM PDT by deuteronlmy232 (Before you have sex outside of marriage read Deuteronomy 23:2)
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To: Lucky9teen
Americans NEVER finish growing up. Bet that kid (albeit 52) took trips at vacation time, had lots of up to the minute electronic toys like an ipod, had a big screen TV and late model car....etc. Also, Americans do NOT know how to live within their means...especially if mom and dad have always been their safety net.
11 posted on 03/21/2008 12:14:42 PM PDT by SMARTY ('At some point you get tired of swatting flies, and you have to go for the manure heap' Gen. LeMay)
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To: Sub-Driver
But now the slumping economy and the credit crunch are forcing some children to do so later in life -- even in middle age.

Of course, it has NOTHING to do with the spending habits of these individuals.

12 posted on 03/21/2008 12:15:30 PM PDT by MEGoody (Ye shall know the truth, and the truth shall make you free.)
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To: Sub-Driver
Bauer's parents won't take rent money or let her help much with groceries.

Simple solutions:

  1. Go shopping a day earlier than usual and bring home the groceries. Put them away.

  2. Pay one or more of the utility bills.

Our daughter, age 22, has already figured this out. She hasn't even finished college yet. She also does more than her share of household chores, cleaning and such. She's a pleasure to have around.

The parents may not expect such a contribution and wouldn't ask for it, but it is certainly appreciated.

13 posted on 03/21/2008 12:15:36 PM PDT by Vigilanteman ((Are there any men left in Washington? Or are there only cowards? Ahmad Shah Massoud))
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To: trisham

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.


14 posted on 03/21/2008 12:16:04 PM PDT by TheZMan (I'm going to write my own name on the ballot. Screw the current crop of "conservatives".)
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To: swain_forkbeard

Mary Ellen was hot.

15 posted on 03/21/2008 12:17:39 PM PDT by Richard Kimball (Sure, they'd love to kill me, as long as they can do it without admitting I exist)
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To: swain_forkbeard

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.


16 posted on 03/21/2008 12:18:27 PM PDT by ASOC (I know I don't look like much, but I raised a US Marine!)
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To: Sub-Driver
Parents "jeopardize their financial freedom by continuing to subsidize their children,"

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.

17 posted on 03/21/2008 12:18:38 PM PDT by Between the Lines (I am very cognizant of my fallibility, sinfulness, and other limitations.)
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To: Sub-Driver

I just spent 10 days staying with my elderly parents. The heat almost killed me. 65 degrees outside, 85 inside.


18 posted on 03/21/2008 12:18:42 PM PDT by Graybeard58 ( Remember and pray for SSgt. Matt Maupin - MIA/POW- Iraq since 04/09/04)
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To: Richard Kimball

Hard to believe, Mary Ellen is 50 years old now.


19 posted on 03/21/2008 12:21:09 PM PDT by Graybeard58 ( Remember and pray for SSgt. Matt Maupin - MIA/POW- Iraq since 04/09/04)
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To: Lucky9teen

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.


20 posted on 03/21/2008 12:22:15 PM PDT by MrB (You can't reason people out of a position that they didn't use reason to get into in the first place)
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