A total of 29 percent of adults under the age of 35 live at home with mom and dad, according to a new Gallup poll. For the first time in the history of the United States, more young adults are relying on their parents for their financial needs.
The Gallop survey results indicate that nearly three out of every 10 adults under the age of 35 are not fiscally able to live on their own. The polling figures appear to coincide with an analysis of both Census data and a similar Pew Research Center study. The Pew study, which utilized the most recent Census data found that a total of 36 percent of adults age 18 to 31 years old at have moved back into their childhood bedroom.
The percentage of adults living at home with mom and dad roughly correlates to 25 million adults being too broke or who lack the self-reliance skills, to stand on their own two feet. The primary reasons cited for needing dear of old dad to pick up the tab well into adulthood include a lack of job opportunities, high cost of living, and a fundamental lack of real world skills needed to become an independent and functioning adult. The Gallup survey also pointed to a sense of “perpetual adolescence” permeating the mindset of adults 35 years of age and younger.
Approximately one in every five Americans age 27 own a home and 80 percent of the Americans in the same age group are mired in debt. Families with a head of household under the age of 30 also have a poverty rate of 37 percent.
An excerpt from the Gallop survey about adults living at home with their parents reads:
“An important milestone in adulthood is establishing independence from one’s parents, including finding a job, a place to live and, for most, a spouse or partner, and starting one’s own family. However, there are potential roadblocks on the path to independence that may force young adults to live with their parents longer, including a weak job market, the high cost of living, significant college debt, and helping care for an elderly or disabled parent.”
Fiscal woes facing young adults as compiled by InfoWars point to some of the independence barriers facing the adult children who have, or may, opt to move back home with their folks. Student loan debt accounts for 9.4 percent of all consumer debt. The total amount of student loan debt in America has risen to a record high of $1.08 trillion dollars.
The financial hurdles facing American adults age 35 and younger appear to be only a part of the problem. Perhaps we need to take a long, hard look at how we are raising our children. As the recent surveys have shown, a lack of basic life skills and either the desire or ability to seek and independent life, have played a significant role in the decision to move back home with parents. Instead of over scheduling the lives of our children with elite sports camps and other activities every evening and on the weekends, we need to establish a chores list and put in a lot more time teaching them how to cook, clean, budget their allowance, and teach them how to change a tire. You know, all those mundane tasks our parents considered our contribution to the household and expected done both right and on time – or we got grounded.
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