Boomerang Generation: Are you sharing resources at home?

https://readthespirit.com/ourvalues/wp-content/uploads/sites/17/2013/03/wpid-0321_ourvalues_family_in_North_Carolina_in_Great_Depression.jpgSharing resources between generations is nothing new! In the Great Depression, U.S. Department of Agriculture photographer George W. Ackerman took this photo of the Bryan family’s production of canned fruits and vegetables. They were known by their neighbors in Robeson County, North Carolina, as expert canners and shared their expertise with other families. Ackerman took this photo in 1932 and it now is in the public domain.Many young adults move back home because of economic reasons, enabling them to save money, avoid the expenses of living on their own, or go back to school.

As at result, over half (53%) of adults between 25 and 34 who now live with their parents see a strong connection between their finances and their parents’, according to the Pew study we’re discussing this week. For adults in the same age bracket who are not living at home, about one in three (32%) say their financial situation and their parents’ financial situation are linked in some way.

But most financial support from parents is either indirect or in-kind. Only 19% of young adults (18 to 34) say they regularly receive money or direct financial assistance from their parents. Among adults who are 35 or older, only 4% regularly receive direct financial aid from their parents.

Are linked finances good or bad? Overall, most young adults say it’s good. Three of four (74%) young adults see a positive impact of their parents’ financial situation on their own. Just one in five says the impact is bad. If you’re a member of the Boomerang Generation …

How is your financial situation linked to your parents’ situation?

If you’re a parent, what sort of assistance might you provide?

Are these linkages good or bad for these relationships?

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Originally published at www.OurValues.org, an online experiment in civil dialogue.

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