Family Finance: When adult children move back home

Family Finance: When adult children move back home

SAVANNAH, GA (WTOC) - A new survey from the Pew Research Center shows in 2012, a record 21.6 millennials lived in their parents' home.

Millennials are defined as adults ages 18-31. The survey results show the trend is far more common among young men, with 40 percent of them living at home compared to 32 percent of women.

Some of the biggest factors forcing millennials to move back home with Mom and Dad include a competitive job market, decline in marriage and rising college enrollment. According to Pew, at least a third and even up to half of millennials in this category are still in college.

WTOC spoke with financial planner Iris Dayoub, of Alpha Financial Management in Savannah, said when this happens, parents end up bearing the brunt of the costs. She urges parents to stay on track with retirement saving no matter what, and make sure their children pay their share of the bills.

"The biggest obstacle is that it may throw the parents off track as far as their retirement planning is concerned, and this is when I tell parents this is the time to be selfish."

She also added she sees no problem with adult children living at home contributing to rent and grocery bills.

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