You may have some extra expenses over the holidays when it comes to your adult kids. According to a recent poll from RBC Wealth Management, nearly half of Americans think helping their children out financially is more important than saving for their own retirement.
"When I graduated college, I moved back home to save money. I needed to buy a car," said Gail Rhodes, the owner of Boomerang Baby, a kids resale shop in Scottsdale.
She knows all about the boomerang effect, the recent trend of adult kids moving back home.
"Even 20 years ago when I did it, and even more so nowadays, it is really a nice way parents helping out their children," Rhodes said.
According to a recent Pew Research study, a third of young women, and nearly half of young men, are living back at home.
"I don't think it's going to be overnight. I think the economy has to really change for that to happen," Rhodes said.
"Parents who are keeping adult children are spending money on adult children and that does endanger their financial independence," said Michael Sullivan with Take Charge America.
Sullivan said wait until your son or daughter asks you to move back in, and set a deadline.
"You want to have a business-like relationship between two adults. What are the rules? What are the responsibilities? Everybody in the household has to contribute something," Sullivan said.
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