Middle-Aged “Boomerangers” Moving Home with Parents During Recession
Hi All,
Until recently, the term “Boomerangers” (aka: boomerang children) had been mainly used to describe 20-somethings who’d go away to college but then go back to live with their parents after graduation. For Millennials, this was/is a totally accepted norm in their world and doesn’t have a stigma among their peers. Even most parents thought/think this was great because Johnny or Sally could then save money for a house, pay off student loans, and/or just be at home with them – and Millennials are known for being very close to their parents.
For me, if I lived with my parents past the age of 21, I would have been considered a “loser”, which is why we’d pile 4-5 roommates in a 2 bedroom apartment…we’d do ANYTHING to avoid having to move back in with our parents.
Anyway, back to the point of this blog story. This economic downturn is changing the term “boomerangers” to now also include Gen X (adults 30-40′ish), and some Generation Jones (adults 42-54′ish). In the latest issue of Time Magazine (3/2/09), there is an interesting article, Bunking In With Mom And Dad, about the number of middle-aged adult children moving back in with their parents (who are typically 65+), and they are arriving with a spouse and/or a few kids in tow.
One woman with a law degree, was 39 years old, but lost her job and burned through her savings/retirement while looking for a new job. She then lost her home to foreclosure. 600 resumes later, she still hasn’t found a job, so the only choice she (and her husband) had was to move in with her folks.
But, she’s not the only Gen X adult who has needed to seek help from their folks lately. According to the article, an AARP survey found that MORE THAN one-third of retirees have had to help their adult children pay bills this past year. And, the number of multigenerational households has increased from 5 million in 2000 to 6.2 million in 2008.
Although this scenario of moving back with folks, with possibly a spouse and some kids, can cause a “space issue”, it can also be helpful for the retired parents. With more and more people over 65 years old finding themselves having to work because their retirement funds have plummeted, pooling resources can help. Even if the adult child (and spouse) can pay a little rent and help around the house/yard, it can make a big difference for an elderly person on a fixed income.
Side note: I also just read a story about a 90 year old man (Ian Thiermann) who had a retirement account with over $900k in it, but it’s now totally gone because he was a victim of Bernie Madoff’s Ponzi scheme. Now he is back to work at a local grocery store to survive. Madoff needs to be hung. The media talks a lot about all the really wealthy clients he burned (multi millionaires/billionaires), but he also had many clients, like Ian Thiermann, who have saved their whole lives and trusted him with the only money they had.
Okay, back to this blog topic…I recommend that anyone facing the possibility of moving back with their parents read the Time article. It also provides advice on how to make the transition, how to set-up expectations, etc. Certainly there is a lot of stress and emotional issues that come with making this type of move, and until the economy improves, more and more people over the age of 30 may find themselves boomeranging back to their parents.
Bye for now,
Lisa
Lisa Orrell is The Generation Relations Expert, and has appeared on ABC, MSNBC and NPR (to name a few). She is a speaker, consultant, and author of the book "Millennials Incorporated" (on Amazon). Based on her expertise, Lisa is an in-demand expert who educates well-known companies (such as Cisco Systems, Paul Mitchell, and Blue Cross/Blue Shield) about effectively attracting, recruiting, managing and retaining Millennials (Generation Y). She also conducts popular seminars on how to improve generation relations within the workforce – thus improving communication, productivity and revenue. MEDIA: Contact Lisa for an interesting interview!
March 3rd, 2009 at 12:15 pm
Interesting post.
When I was in my twenties, I could never imagine that I would move back and live with my parents, regardless of my financial situation.
However, over the years, my stance on this issue has changed. I came from a culture that extended family live under one roof. There are definitely pluses and minuses, but I do find people to be closer to each other. And, there is a “safety net” for everyone. For example, someone could be unemployed for a while, but he doesn’t need to worry about have the basics to live since all of the family members will pitch in. A side benefit of this is that people could take the risk of starting a small business, since they could afford to build a small business while making little money.
On the other hand, in the United States, if one loses his/her job, he/she is in big trouble. Both livelihood and health care are dependent on jobs. As I start to have my own family to support, I start to feel that the “American way” might not necessarily be the best way.
Will the current “recession” (I actually believe that we’re in a Depression) have a major impact on how we live in America? I’m not sure, but I won’t be surprised if we see more extended family members live together to share the economic burden.
GeekMBA360
March 4th, 2009 at 8:56 am
[...] “boomerangers” returning to live with their parents to survive this economic crisis. I wrote a blog about all this a few days ago, so you should check it out. The stats are pretty alarming! Lots of Gen X and Gen Jones (adults [...]
March 5th, 2009 at 3:15 pm
I am a divorced 52 yr old unemployed professional. I am about to move in with my mother and sister. Due to being laid off, I will attempt to rent my house and move in to help them out. I never thought when I was educating myself as an adult
( received my masters in mgmt at 42)… 10 years later, I would be in this situation. Unable to find employement…
Too, I always wondered how I would manage my mother as she became unable to care for herself… I never guessed I would be helping myself out as well. Somewhat of a silver lining perhaps.
March 5th, 2009 at 3:33 pm
Hi Kathy,
Thanks for saying hello and commenting. My heart really goes out to you. This is a TOUGH time for many, and the result is the growing trend of Gen Xers, Gen Jonesers, and Boomers doing exactly what you’re faced with.
But, as you mentioned, you’re Mom has also hit a time in life where she needs your help, so perhaps this all the way it’s supposed to be going right now.
I’m a believer that “it all happens for a reason” (even if it makes NO sense at the time), so hang in there.
My best wishes go out to you and your Mother…and know that things will get better!
Lisa
March 7th, 2009 at 11:24 am
[...] wrote about this trend a week or so ago on this blog, but was interviewed on ABC’s “The View from the Bay” about it on Wednesday. You [...]
March 12th, 2009 at 12:52 pm
[...] wrote about this trend a week or so ago on this blog, but was interviewed on ABC’s “The View from the Bay” about it on Wednesday. You [...]
March 23rd, 2009 at 4:41 pm
I would like to receive your generation relations newsletter
April 15th, 2009 at 6:55 am
BBC World Have Your Say are looking for callers to tonight’s programme – about adult children living at home. If you are a parent who is fed up with having your kids still at home, please call us: 0044 20 7557 0023 or email me: emilyunia@hotmail.com. We are on air at 1800 GMT for two hours.
September 26th, 2009 at 9:04 am
Although the economy has been difficult to manage, that’s still no excuse for living at home with your parents beyong college years. That being said, I am still living at home with my single parent, but I’m not going to try to justify it, even though I’m still taking community college courses and receiving financial aid, whenever I can’t find a job. I can honestly say that I’d have incurred just as much debt if I were living on my own as I have now while I’m here at home with my mother. The situation can actually make your financial condition much worse, really, especially when your family has their own problems with money.
December 21st, 2009 at 3:11 pm
Most, if not, every person has this picture perfect vision of how there life will be when they are in their 20’s. We see ourselves with a great career living alone and enjoying life. But with current economic hardship the way they are that vision my take longer than expected. Sometimes you have to move back home with your mom to pick yourself back up…or maybe to help each other out