As we’ve written before about the boomerang generation, the recession began has caused job prospects for young adults to suffer; the unemployment rate for the boomerang generation is twice that of the general population. So who’s most likely to boomerang back home, and how does this affect their families and their finances?
According to a Pew Research study, among adults aged 18 to 34 years old, 19 percent still receive financial assistance from their parents or other family members; 39 percent say they currently live with their parents or have moved back in after living on their own (this due to the struggling economy); and 53 percent of the previous 39 percent are in a younger demographic (those aged 18 to 24 years old).
Thirty-five percent of those who have boomeranged back into their family homes pay rent; 75 percent contribute to household expenses such as groceries or utility bills. The vast majority of those who have returned to live with their parents do their chores.
To learn more about how the sluggish economy has given rise to the boomerang generation, check out the interactive infographic on the GOOD website. Please note that as the infographic is Flash-based, you’ll need Adobe® Flash® installed in order to view it.