I have a friend who has three daughters, including a set of twins. They are now in their late twenties and early thirties. And they are all back living at home now. I was shocked to hear this.
All three girls have four-year college degrees. All three have full-time jobs. But none can earn enough to live on their own. One of the girls has a one and a half-year-old baby. The mom is no longer with the father, though he is still in the baby’s life. He also works but doesn’t earn enough to contribute to his daughter’s support.
What is going on here? What a tragedy, that middle class, educated working, young people can’t afford to live on their own without their parents’ support. It can’t be good for twenty and thirty-somethings to be living with their parents. It’s infantilizing and demoralizing. There also doesn’t seem to be any prospect for them to move out in the near future. This set up is not necessarily great for the parents either, especially if they want to retire at some point.
Starting wages today don’t seem to be high enough to pay for a home and even minimal living expenses. At least in New England, where I live. And this is even true with a college degree. Part of the problem may be that kids leave college with heavy debts that contribute to their financial dependence on their parents. So, it’s a vicious cycle.
And if you have a baby, the financial situation becomes exponentially worse!
My friend’s daughters are lucky that their parents can afford to support them. And that they didn’t already downsize their home. The kids contribute to the household, but not significantly. What will happen when my friend and her husband want to retire? They probably won’t be able to.
My friend is also lucky that she can work part-time from home. So, with the help of the other girls, they don’t have to pay for daycare or other childcare. This makes a big difference, financially. I know young people who pay a large percentage of their annual income on childcare – just so they can continue to work. This is also a travesty.
I don’t have any earth-shattering insights or solutions to any of these problems. I just got to see first hand what this economy and this society can do to young adults and their retirement age parents.
I’ve read about this phenomenon, but things affect you differently when people you know are involved. I can now put a face on this problem. It’s no longer an abstract issue, but a personal story. I’m shocked, appalled and depressed.
What will happen to whole generations? What will happen to our society? This is our future. And it looks pretty bleak.