And 1 in 3 would NOT be embarrassed to live with their parents after 30
There’s no shame in freeloading from mom and dad — even when you’re 30.
More than one in four millennials (27%) ages 20-26 say they would not be ashamed of living with their parents from ages 30 – 34 and another 11% say there’s no shame in doing that when they hit 35 and older, according to data that will be released Thursday by financial services firm TD Ameritrade.
That may be a good thing, because it’s often reality: More young people are living at home — with parents, stepparents, grandparents and relatives — than have in 75 years, according to data released this year by Trulia, which analyzed Census data.
Teenagers are less likely to think it’s fine to live with mom and dad after the big 3-0. Only about one in five say they would not be embarrassed to live with mom and dad between ages 30-34 and fewer than one in 10 agree with this when they’re 35 and older.
So why are so many millennials fine with living with their parents into their 30s? Part of this is that research shows that the majority of millennials think of their parents as friends “rather than authoritative figures who they want to get away from as quickly as possible,” says psychologist Elizabeth Lombardo, author of “Better Than Perfect: 7 Strategies to Crush Your Inner Critic and Create a Life You Love.”
There’s also been a shift in how living with your parents is seen in the world. “Discussions about economic challenges are frequent and everywhere … both parents and children understand that kids just starting out may have more difficulty actualizing the American Dream of having a satisfying and lucrative career, along with owning a home,” says psychologist Jude Miller Burke, author of the The Adversity Advantage. “The measure of an adult used to be achieving independence, but now has shifted to being economically smart and ensuring some kind of secure financial future.”
Or as Natalie, who was living with her parents in 2015, writes: “I’m 35. I’m paying things off. I’m saving money. I’m building myself back up to where it makes good financial sense for me to get my own place again. I’m not a failure because I’m living at home. My circumstances have brought me here, and I’m making intelligent financial decisions.
One millennial, who was living with her parents at 31, wrote that it “felt comforting to be back in a familiar place.” This kind of sentiment is common. “Many parents of millennials serve as problem-solvers for their children — as in ‘here, let me do X so you are more comfortable’. It was one way the parents showed love for their children,” says Lombardo. But that “can set up a more dependence and less autonomy. And, because this is something they have experienced for much of their lives, the millennials often do not see it as something to be ashamed of — it is just the way life is for them.”
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