Yikes: 50% of young millennials currently in college or who plan on going to college say they plan to move back home until they get their feet under them financially.
Or so say the more than 3,000 U.S. adults and teens ages 15 and up in a new TD Ameritrade survey AMTD, +4.02% who note that the record $1.5 trillion in student-loan debt holding college graduates back means that there’s no shame in living at home until they turn 28.
About one in three expect to live with their folks for two years or longer, with the same percentage blaming student debt for delaying their plans to strike out on their own. Many parents are happy to help their kids: 82% said they welcome their children home after college. Many parents are happy to lend their kids a hand: 82% said they would welcome their children moving back home after college. But the survey warned that well-meaning moms and dads could be threatening their own livelihoods by looking after those of their kids.
“While it’s heartening to see that these young adults are willing to take care of their parents in their time of need, the parents should take a close look at how their adult child moving home will affect their finances and retirement, and plan accordingly,” she said.
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