The so-called Boomerang Kid trend keeps growing, now with significant long-term financial consequences for them and their parents.
MINNEAPOLIS, April 30, 2024 /PRNewswire/ -- Now in its third year, Thrivent's 2024 Boomerang Kids Survey reveals nearly half the parents surveyed (46%) have had their adult children "boomerang" back home to live with them at some point. Fifty percent of them blame the rising cost of rent and housing. That's a big jump from just 35% who said the same last year.
"This is a wakeup call that's gone unanswered," says Chaz Black, Thrivent financial advisor. "More young adults returning home underscores the enormous ? and growing ? financial pressures they're facing after graduation. The ripple effect it has on them and their parents is a problem we can't afford to ignore."
Other data shows the breadth of consequences ? from delaying milestones to jeopardizing their financial futures:
Thrivent's survey data points to the importance of having a financial plan. Without one, it's hard for parents to know how much they can afford to help their child. A financial advisor can help parents create a plan that looks at everything they earn and spend. This way, they can see how helping their child now might affect their ability to save for things like retirement or healthcare in the future.
Here are additional tips from Thrivent to help parents navigate the situation and get on track financially:
Survey Methodology
This poll was conducted in April 2024 among a national sample of 2,201 Adults. The aim of this research was to track consumers' sentiment and experiences with student loans and, for those who are 40-65 years old with children 18-35, understanding if and how having their adult children move back home and/or needing financial assistance impacted them. The interviews were conducted online and the data were weighted to approximate a target sample of Adults in the United States based on gender, education, age, race, and region. Results from the full survey have a margin of error of plus or minus 2 percentage points.
About Thrivent
Thrivent is a diversified financial services organization that helps people achieve financial clarity, enabling lives full of meaning and gratitude. Thrivent and its subsidiary and affiliate companies serve more than 2.3 million clients, offering advice, insurance, investments, banking and generosity products and programs online and through financial advisors and independent agents nationwide. Thrivent is a Fortune 500 company with $179 billion in assets under management/advisement (as of 12/31/23). Thrivent carries ratings from independent rating agencies which demonstrate the strength and stability of the organization, including an A++ rating from AM Best; an Aa2 rating from Moody's Investors Service; and an AA+ rating from S&P Global Ratings. Ratings are based on Thrivent's financial strength and claims-paying ability, but do not apply to investment product performance. For information on these ratings, visit the rating agency's website. Dividends are not guaranteed. For more information about Thrivent, visit Thrivent.com or find us on Facebook, Instagram and LinkedIn.
Insurance products, securities and investment advisory services are provided by appropriately appointed and licensed financial advisors and professionals. Only individuals who are financial advisors are credentialed to provide investment advisory services. Visit Thrivent.com or FINRA's BrokerCheck for more information about Thrivent's financial advisors.?
About Morning Consult?
Morning Consult is a global decision intelligence company changing how modern leaders make smarter, faster, better decisions. The company pairs its proprietary high-frequency data with applied artificial intelligence to better inform decisions on what people think and how they will act. For more information, please visit morningconsult.com.?
SOURCE Thrivent
These press releases may also interest you
|