“More people in their 20s are also living with their parents. About one-fourth of 25-year old white men lived at home in 2007 – before the last recession – compared with one fifth in 2000 and less than one eighth in 1970. (Cohen 2010)
As I read this article from Cohen about the ever-increasing trend of young people to postpone leaving the safety of their parents’ home (and their accompanying financial security), I take it with a grain of salt. I question the motives of young adults who graduate with college degrees, secure well paying jobs and choose to postpone establishing their own independence for a few years. I am also careful to qualify my statements on this topic to college graduates, and to specifically remain silent on those who do not have college degrees. I question what kind of financial responsibility has been modeled for graduates who remain in their parents household while attempting to save up to move out. More specifically I question whether or not parents have modeled living a lifestyle that is financially responsible and commensurate with their income. I question whether young adults are equipped with skills to recognize where to draw the line between what they want and what they actually have the money to afford. What kind of lifestyle do today’s college graduates expect straight out of school? By staying at home while working a full time job, do graduates expect to leave the cushy environment of their parents home and immediately have that same environment living on their own? Where are the lessons learned about the value about the reality of how difficult yet achievable it is to save money while working and living on your own.
You make some excellent points here. I think historically, college was they number way way to secure a job and fully embark on your adult life. Now, the economic landscape has changed and job security post college is no guarantee. I like your point about financial behaviors of parents and post college youth. Are parents modeling good financial habits by financially supporting their “adult” children? I also feel that as educators and policy makers are we obligated to teach finances to students? Would this help develop more financially independent adults later on? Personally, feel I lack many skills to be able to make smart, financial decisions and would have appreciated such a course in high school, even college.