Kidults
| September 3rd, 2008 by Robert | Word Count: 735 | Reading Time 2:55 | 2,564 views |
When did you leave the nest and enter the scary real world? Did you leave home right after high school or after college? Did your parents let you come back home after college and enter society later? Today’s world has created an array of barriers forcing our younger generations to rethink their exit strategy from home. Along with this, parents are forced to rethink their ongoing parental strategies. Young adults are finding it harder to leave the nest because of the financial struggles everyone has been subjected to over the past few decades. I ran across the term “kidults” recently and began thinking about how our society has been shifting to an uninviting arena which our younger generations are scared to enter or worse, cannot enter because of monetary issues.
For years, everyone has been taught that college is the only real way to give yourself a true advantage over your lifetime at earning an above average living. Study after study has shown college graduates on average earn more money over their lifetime. College graduates also receive various other benefits and gains over time. However, as we know, college isn’t free. Scholarships help, grants help, parental saving even helps, but over the last few decades, savings rates have declined to almost 0% and scholarships/grants can only help a certain percentage of students. Most students rely upon loans to pay for their necessary education. Yes, it is necessary for all intents and purposes.
Our “kidults” leave college and fully expect to land a high paying job which will offset their college tuition expenses. Their salaries are also expected to cover their newfound living expenses whether it be renting or owning. On top of that, vehicle expenses, insurances, and many other costs of being on your own add up to eat away at the young generation’s ability to leave the nest. It’s not impossible for our young adults to make it on their own, but it is becoming increasingly difficult for them to achieve a life “on their own.”
A recent study reports that since 1971, annual salaries for men age 25-34 has decreased by 20%. Everyone assumes our current generations are making more money than our previous ones but more dollars is not always more purchasing power. Inflation and general cost increases have usurped most, if not all and maybe even more than the increase in actual dollars in our wallets. Our “kidults” are facing tough times. They are exiting college with thousands of dollars in tuition loans, more than likely thousands of dollars in credit card debt, and then they are expected to leave the nest and make it on their own. In 1971 and before, the amount of people graduating college was much less than it is now. Young adults then, had much lower fixed costs placed upon them when reaching the age of adulthood.
Reality is beginning to show us that monetarily, our young adults cannot make it on their own without help. That help has come in the form of parents opening their homes for their “kidults” to return home and live less expensively before leaving the nest. Parents of course are placed under stresses previous parental generations never faced. Young adults are also placed under new stresses because they aren’t able to leave the nest as expected to.
Our country’s economic path has led us to the issues our kids are facing. Yes, our decisions as individuals have also created a major portion of the issue. But, no longer can we truly expect our children to grow up, graduate high school, get a good college education, and then enter the real world on their own two feet. Children are not a 16, 18, or 21 year investment. Parents have to be ready for what the real world has become and that is our children could be homebound for much longer than expected. A recent study has shown 20% of 26 year olds are living at home (compared to 11% in 1970). The reality is here and our kids are returning home because they have to. Financially, our young generation cannot make it without help. As loving parents, we will open our homes and doors and give our “kidults” what they need to succeed in life. But, where does it end? In 20 years are we going to see 30 year olds forced to live at home with their parents?
Citation: http://www.newsweek.com/
on September 3rd, 2008 at 2:13 pm:
In 20 years I wouldn’t be surprised if our children AND their family will still be living at home.
It’s definitely a two-income nation anymore, living paycheck to paycheck.
As car pooling is with driving, I think the next step in survival is multiple family living, to share the costs in today’s economy.
on September 3rd, 2008 at 2:59 pm:
As people say, history is destined to repeat itself. Well, I believe this is one of those things returning. Generations of the past lived together or very close together for their entire lives. Through the years and growth of individualism, we have all become fragmented from family. The family ties have been severed over the years and I believe we are in need of reverting back to building strong family ties by living together.
Families that stay together and love and respect one another, can build upon that and create a financially responsible situation where everyone can prosper. We do not need to leave the nest and recreate our own domain just because we can. We need more than being the best individual we can be, we need to be the best person we can be and being completely independent is not a requirement for that to be true.