Pandemic has meant many adult children returning to the nestMay 13, 2021
With an end to the pandemic in sight, we are all hopeful that things are about to start returning to normal.
One trend that’s been happening since last year, reports Global News, is “young adults (being) forced to move back in with their parents.”
Factors like campus closures or lack of employment are reasons why the kids may return to the nest. Another factor might be the fact that housing is so unaffordable these days.
What should parents do to make the best of such a situation?
Noted financial author and commentator Kelley Keehn recommends setting “some ground rules” before the kids move back in.
“Are they paying rent? If they’re unemployed are they looking for work? When they do get back on their feet do they need to pay back the bank of mom and dad?” she states in the article. If these details aren’t clear right off the top, “resentment can set in,” the article warns.
The trend of kids returning home is big south of the border as well, reports the Huffington Post. Numbers of Americans aged 18 to 34 returning home are rising, and parents – who might have been thinking of downsizing – are now thinking about going bigger on their homes to make room for the kids.
A total of 26 per cent of millennials live with their parents in the U.S., up from 22 per cent before the recession of 2007, the article notes.
But there’s good news – the kids moving home are taking advantage of the situation to boost their education, and ideally snare a better job, the article concludes.
The PsychCentral blog says there can be a lot of positives for the relations between parents and kids when they move home, but parents need to stay calm about the unexpected change.
“Don’t freak out,” the publication advises, and blame the kids for not trying hard enough to be independent. Have conversations about “what is OK and what isn’t OK” in your house, and remember your kids aren’t teenagers and will be expecting more freedom than in the past. Try to make sure the kids are contributing, even in some small way, towards the costs of living, and set up a timetable for their stay, the article adds.
WebMD expands on that point, advising us not to “fall back into mommy mode” and realize that the now adult kids have “different attitudes, needs, and eating, sleeping or partying habits than they did when they were younger.”
Save with SPP can add this important thought for parents – the kids are almost certainly doing this move as a last resort. Few adult children truly want to move home. So, if you do get a second chance to live with your kids, make the most of it – you’re helping them to get ahead in life by doing so.
Do your kids have a pension plan at work? If not, the Saskatchewan Pension Plan may be a smart option for them. A truly end-to-end retirement program, SPP takes your contributed dollars, invests them professionally and at a low cost, and then can convert those invested savings into a lifelong pension when you reach the golden handshake. SPP has been securing retirement futures for 35 years now – check them out today.
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Written by Martin Biefer
Martin Biefer is Senior Pension Writer at Avery & Kerr Communications in Nepean, Ontario. A veteran reporter, editor and pension communicator, he’s now a freelancer. Interests include golf, line dancing and classic rock, and playing guitar. Got a story idea? Let Martin know via LinkedIn.