• Penny L.

Had to Move Back in with Your Parents?? Turns out you're not alone!

Updated: Sep 14

Regardless of how much money they had been saving, many Americans are feeling their financial independence being threatened and they are on the lookout for any sort of assistance. This is because the pandemic has severely impacted the economy, leading to loss of jobs and crashing of markets. Many individuals are unable to work, have become ill or have to take care of ill loved ones, or have been let go from their jobs due to the pandemic. Bills and other expenses do not stop accumulating just because of a pandemic and many young adults have been left scrambling. With all of these new financial responsibilities looming over their heads, many are turning to their parents for assistance. This may begin a newfound shift in how Americans view moving back home with their parents, as more individuals are considering and moving back in with their parents during this unforeseen time.



The Pandemic and The Economy


The primary belief in America, which is different in other cultures, was that once a person becomes an adult then the next milestone in succession is for them to move out from their parent’s home. That adult child then lives on their own for the remainder of their life or until their parents need caring for. If an adult child is still living at home or even moves back in with their parents, it was seen as that child somehow being a failure or that they are unable to maintain their financial independence. Moving out is typical when a young adult goes to college or they may graduate and then move in with a few roommates. However, due to the Coronavirus pandemic this level of thinking has suddenly been shattered as now many millennials are desperately concerned about their financial future.



A Shift in Mindset


Regardless of how much money they had been saving, many Americans are feeling their financal independence being threatened and they are on the lookout for any sort of assistance. This is because the pandemic has severely impacted the economy, leading to loss of jobs and crashing of markets. Many individuals are unable to work, have become ill or have to take care of ill loved ones, or have been let go from their jobs due to the pandemic. Bills and other expenses do not stop accumulating just because of a pandemic and many young adults have been left scrambling. With all of these new financial responsibilities looming over their heads, many are turning to their parents for assistance. This may begin a newfound shift in how Americans view moving back home with their parents, as more individuals are considering and moving back in with their parents during this unforeseen time.


Are there benefits to moving back with your parents? There are, of course, benefits to moving back in with your parents. This will give you an opportunity to increase your saving habits, limit your spending, and eliminate unwanted bills during this time. You should not feel ashamed to move back in with your parents if the offer has presented itself, as the pandemic has affected many lives in many different ways. It is suggested that this new shift in mindset will be long lasting, allowing young adults to live at home longer without fear of judgement from their peers.


198 views