Young adult children living at home longer
August 2, 2018
Their parents often recall how they left home at an early age and now seem somewhat perplexed at why this is no longer the case. Has this generation become soft and unable to survive on their own in the real world?
According to the 2016 census, just over one third of young adults, aged 20 to 34, lived with at least one parent. The number jumped for Ontario, where 42 per cent lived with their parents. In Toronto the number climbed to 50 per cent.
There are many reasons why children are slow to leave the nest, including financial considerations.
Renting or owning a home for many young adults is too expensive. Plus, many have significant debt.
Statistics Canada found that 70 per cent of jobs require post-secondary education, and tuition costs keep going up. According to the agency, the average tuition for the 2017-2018 academic year rose 3.1 per cent and the average debt for university graduates is over $26,000.
The simple answer would be to work hard and pay off that debt.
The labour market is more challenging than when their parents started careers. Good jobs are hard to find. Many positions are part-time or short-term contracts.
The 2008 recession was the most significant economic downturn since the Great Depression of the 1930s. Those who have secure employment are the lucky ones. Unfortunately, that good fortune does not apply to everyone.
Due to current financial realities, many senior workers are prolonging their careers. They are occupying jobs that might otherwise be available to those just starting out.
Some parents might encourage their children to remain at home. Adult children may be in a position to help out by paying rent or with household duties that are becoming more difficult for their parents to perform.
Many of our life decisions are based on finances.
Many young adult children might prefer to live independently of their parents, however financial realities mean that independence is not yet affordable.