by Hans Eisenbeis
WHAT’S HAPPENING
- Anecdotally, we’ve known times are tough for Millennials. If they’ve been to college, they carry mountains of debt, and they’ve been hit harder than any other generation in the area of unemployment. Now the Pew Center and the U.S. Census confirm that many are dealing with the economy by heading back home to the parents (NYTimes.com 11.24.09).
- 10% of adults under the age of 35 report that they’ve moved back in with their parents as a result of the Great Recession.
- The numbers are even more staggering for young people ages 18-25; 56% of men in this group live with their parents, and 48% of women are back at home.
WHAT THIS MEANS TO BUSINESS
- Consumers are still contracting with the economy, and for many that means new strategies for sharing expenses. While Mom and Dad may no longer be able to send cash, they may be able to clear out the old bedroom.
- It’s not just college kids on the dole. People of any age who’ve suffered job loss and/or foreclosure may need to lean on friends and family to help them get through lean times.
RESOURCES
