Q is for a Quick Guide on Dealing with your Boomerang Kid.

Q is for a Quick Guide on Dealing with your Boomerang Kid

 

In recent years, a growing number of young adults have joined the boomerang generation. According to Pew Research Center – 29% of adult kids aged 25 to 34 find themselves moving back in with their parent(s). This is due in part to a stressed economy and tight job market. The quest for independence with this generation may have to rely on a little help from the previous generation.

Your child has been away at college for the past four years and they were hoping to be independent after graduation. However, for many that does not happen. As parents we tend to welcome the chance to help provide a safe haven for our children. This is not an unreasonable act, but keep in mind the emotional and financial implications that accompany this living arrangement. There may be some negative effects as well as positive – it’s up to the parents to set up proper boundaries.

Setting the boundaries:

·Discuss your expectations and give them a time frame in which to secure a job and make other living arrangements. Remember your ultimate goal as a parent is to help assist in their independence.

·Some form of contribution should be expected whether it is rent or services. This will not only ease your burden but help prepare the boomerang to live an independent life.

·Set specific house rules regarding guests, dinner arrangements, noise levels and common courtesy when coming home late nights or spending the night at other locations.

·Do not bail them out — instead offer a loan to be paid back in full at a reduced rate of interest on a specific agreed upon date.

·Do not sacrifice your own financial future but provide only what you can afford. Remember your child has decades to build financial security, where you may be very close to retirement.

Make this time a positive experience. By keeping these agreements,  you and your child will learn healthy boundaries and will grow to respect one another as strong, independent adults.

Answers from AZ

 

About Ann Zuraw

Ann Zuraw, the voice behind "Chicks, Chat and Change", is a Certified Financial Planner (CFP®), Chartered Financial Analyst (CFA®), and Certified Divorce Financial Analyst (CDFA™).If you have comments on this post contact Ann Zuraw

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