![]() "Review your cash flow and budget with your financial planner to make sure that you can afford it," says Eweka. "I often tell parents, you don't want to jeopardize your own retirement savings to spend money on supporting your adult children," says Eweka.įor many of today's parents who are retired or are approaching retirement, having children move back home is a reality, and an expensive one at that. Not considering the cost of another person at homeĪs you're likely approaching retirement age yourself by the time your children are asking to move back in, it's something you'll want to make sure you can afford. Staying at home, even if not for long, could help them get a leg up on paying off that debt, buying a home, or just learning about money. "A lot of young adults are dealing with student debt, and they're really struggling to pay off their student debt, and be able to save for retirement, and be able to save for some of their other financial goals." "It's actually a really smart decision for their adult children to come home to live with their parents," says Eweka. Rejecting the idea of them moving home outright However, she cautions parents against making these mistakes when adult children move home. Then, they can get ahead after living at home instead of falling behind. Eweka says that a child's time at home could be a very important and valuable opportunity to teach them about money, help them plan and save for the future, and help them learn good financial habits. Another survey from Pew found that people aged 18 to 29 were among the groups most impacted by the pandemic.Īs young adults move home, financial planner Shelly-Ann Eweka, wealth management director at TIAA, says having your children living at home isn't always a bad thing if done right. The last year changed many families' financial situations, and young adults and new college grads have been hit particularly hard.Īccording to a study from the Pew Research Center, more than half of young adults in the US today are living with their parents. By clicking ‘Sign up’, you agree to receive marketing emails from InsiderĪs well as other partner offers and accept our
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