Image Source: Shutterstock
In an ideal world, we graduate high school, go to college and find a job that makes us happy and pays us well. Unfortunately, that’s not always the reality as student debt and unemployment are very real. In fact, student debt has tripled over the last decade making it harder for the average person to pay back what they owe.
These factors have greatly affected how millennials operate when it comes to their finances. Fewer are opting to start families immediately and save for retirement. One commonality that’s quite clear is more millennials are relying on their parents for financial support–including living under their roof.
Should working professionals who move back home be considered lazy? Or a moocher?
The answer really does depend on the situation, but ultimately, no.
Like most people I know, my parents raised me with the mindset of doing everything they could to set me up to be a successful adult. After graduating from college, I seized any and every opportunity that would make me self-sufficient. Thankfully I was able to see the fruits of hard work. Because of this, I never had to move back in with my parents, but certainly won’t knock anyone who needs to do so.
At the end of the day, parents know the type of child they raised. Rather than have them make poor financial decisions or ones that would put them in the hole, many are opening their doors as a way to help them get back on their feet. Surveys reveal 40 percent of millennials receive some kind of financial assistance from their parents.
This doesn’t mean a grown adult should take advantage of their parents’ hospitality by not earning their keep, so to speak.
There are tons of reasons why a working professional lives with their parents. Outside of poor health, it’s actually a pretty common setup depending on your culture. Quite a few friends of mine come from different parts of the world and will not move out of their parents’ home until they get married. This doesn’t mean they don’t help pay bills or rely on their mother and father for every need.
My husband and I are in a similar situation. Technically, we do live in his parents’ home–even though they’re both out the country. With a 15-month-old and baby on the way, all of us had a chat and decided it would be best if we moved from New Jersey to Oklahoma to take care of the property. Both of my in-laws received job promotions that forced them to pack their bags and head overseas within a few months time. While we cover any house-related costs associated with our new home, they never charged us rent because my husband was paying the mortgage on his condo back on the East coast. Thankfully, he’s in the process of selling which will certainly help free up our cash flow.
Even though my in-laws don’t want anything from us when it comes to rent (they know we’re saving for a house here), we feel obligated to pay something. We’re grateful for the chance to help them out, pay down bills and save.
Some might look at people who live with their parents as laziness, but until you know the ins and outs of the situation, you really shouldn’t judge. Yes there are people who choose not to do for themselves and live off their parents because they allow them. I unfortunately have a couple family members who failed to take initiative for their own lives. Regardless of my opinion about them or the situation, that’s between their parents and them.
What do you think about millennials living at home?
