Advice: Most Americans believe the American Dream’s out of reach for their kids
In 2021, the share of people in poverty during the previous year was lower in multigenerational households for White, Black and Hispanic Americans, Pew reported.Shared housing can give young adults a chance to develop the vital habit of saving early. Being in the financial position to save early on can make a huge difference in their ability to build a safety net for their retirement. If young adults are struggling to make ends meet, they won’t save, because they can’t afford to do it.
Multigenerational living is one answer to the pessimism that the next generation won’t do better. Done right, with goals, checks and balances, it’s not about coddling grown folks. It’s about cost-cutting and the impact that can have on wealth-building for their futures.If you have a personal finance question for Washington Post columnist Michelle Singletary, please call 1-855-ASK-POST .