The boomerang generation: When 18 years isn’t good enough anymore
Get good grades they say. Get a college degree they say. Your life will be much easier they say.
I’m not sure who this “they” is but if someone can find them, I have a few friends and millions of young Americans who I’m sure would like to have a conversation with them.
The “they” that most parents may have been referring to was the previous economy, because Uncle Sam’s pockets have been quite drained for some time. He’s no longer the rich uncle that lives outside of town—now he’s more the one that lives in the basement.
Nearly eight-in-ten (78%) of 25- to 34-year-olds say they don’t currently have enough money to lead the kind of life they want, and thirty-six percent of this nation’s young adults ages 18 to 31 were living in their parents’ homes in 2012, according to a Pew Research Center.
Also, large majorities (78%) say they’re satisfied with their living arrangements (living at home with mom and dad). So the stigma associated with living with parents is nowhere to be seen with this generation.
And according to the Journal of Marriage and Family, 79% of adults between 18-33 receive financial help, though there are varying reports about this data. I must admit that I fall in this age range and I used to receive some financial help from my parents while I was out of college. Since my cell phone and auto insurance were tied to the same bill, they never passed it along to me—thanks Mom and Dad!
If I had to guess, I would say the majority of the boomerang generation would like to spend the rest of their 20’s and 30’s chasing the American Dream as much as the previous generations. Stagnate wages, higher unemployment, and large student debt have been major obstacles to financial independence for the boomers. Although it has not been easy, much of the boomerang generation is optimistic about their future and financial progress. Many would suggest that they live life “entitled” but I believe many are hungry to begin their careers and add value to the organizations they serve.