More than three-quarters of young adults ages 25 to 34 who have moved back home with their families during the Great Recession and the troubled economic years that followed say they’re satisfied with their living arrangements and upbeat about their future finances.
Those arrangements have benefited their parents as well: almost half of all boomerang children say they have paid rent and almost nine-in-ten have helped with household expenses.
One reason young adults who are living with their parents may be relatively upbeat about their situation is that this has become such a widespread phenomenon. Among adults ages 25 to 34, 61% say they have friends or family members who have moved back in with their parents over the past few years because of economic conditions. Furthermore, three-in-ten parents of adult children (29%) report that a child of theirs has moved back in with them in the past few years because of the economy.
While young adults living at home may be satisfied with their situations, nearly eight-in-ten say they don’t currently have enough money to lead the kind of life they want, compared with 55% of their same-aged peers who aren’t living with their parents. Even so, large majorities of both groups (77% versus 90%) say they either have enough money now to lead the kind of life they want or expect they will in the future.
These findings are based on a new Pew Research Center survey of 2,048 adults nationwide conducted Dec. 6-19, 2011, that explores the family dynamics and economics of multi-generational living at a time when the number of multi-generational family households in the country continues to rise.
The full report is available on the Pew Research Website.