As student debt1 and housing prices continue to rise2, more and more young adults are looking to save money by living with their parents longer. Luckily for them, according to a new survey conducted by The Harris Poll on behalf of TD Ameritrade, both young adults and parents agree that living with one’s parents doesn’t become embarrassing until age 28, on average.
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Young Americans Return to the Nest (Graphic: TD Ameritrade)
“Shouldering more than $1.5 trillion in U.S. student loan debt1, it’s no surprise that young adults are looking for ways to save money as they focus on building a career foundation,” said Christine Russell, senior manager of retirement and annuities at TD Ameritrade. “You don’t become an adult the day you graduate from college – it’s a process that takes time. And while there’s nothing wrong with getting support from your parents, it’s important for both parties to set rules and communicate during that process.”
Student debt is delaying adult milestones
Student debt has
caused nearly one in three young millennials to delay moving out of
their parents’ home, along with delaying other milestones:
For those moving back in with their parents, the stint will likely be rent-free and not a quick stop
Expectations for an empty nest
Today’s young adults plan to pay it forward
“Young adults moving back home for more than two years can definitely have an impact on parents’ finances,” said Russell. “And while it’s heartening to see that these young adults are willing to take care of their parents in their time of need, the parents should take a close look at how their adult child moving home will affect their finances and retirement, and plan accordingly.”
Russell highlights some advice for “boomerang generation” students and their parents:
About TD Ameritrade Holding Corporation
TD Ameritrade
provides investing
services and education to
more than 11 million client accounts totaling approximately $1.3
trillion in assets, and custodial
services to more than 7,000 registered investment advisors. We are a
leader in U.S. retail trading, executing an average of approximately
850,000 trades per day for our clients, more than a quarter of which
come from mobile devices. We have a proud history
of innovation, dating back to our start in 1975, and today our team
of 10,000-strong is committed to carrying it forward. Together, we are
leveraging the latest in cutting edge technologies and one-on-one client
care to transform lives, and investing, for the better. Learn more by
visiting TD Ameritrade’s newsroom at www.amtd.com,
or read our stories at Fresh
Accounts.
Brokerage services provided by TD Ameritrade, Inc., member FINRA (www.FINRA.org) / SIPC (www.SIPC.org)
Source: TD Ameritrade Holding Corporation
About The Harris Poll
The Harris Poll is one of the
longest-running surveys in the U.S., tracking public opinion,
motivations and social sentiment since 1963. It is now part of Harris
Insights & Analytics, a global consulting and market research firm that
strives to reveal the authentic values of modern society to inspire
leaders to create a better tomorrow. We work with clients in three
primary areas; building twenty-first-century corporate reputation,
crafting brand strategy and performance tracking, and earning organic
media through public relations research. Our mission is to provide
insights and advisory to help leaders make the best decisions possible.
TD Ameritrade is separate from and not affiliated with the Harris Poll,
and is not responsible for their services or policies.
Survey Methodology
This survey was conducted online within
the United States by The Harris Poll on behalf of TD Ameritrade from
February 28 to March 14, 2019, among 3,054 U.S. adults and teens ages 15
and older. Key populations include: Gen Zs (n=1027, ages 15 to 21),
young millennials (n=1026, ages 22 to 28) and parents (n=1001, ages 30
to 60). The parents had more than $25,000 in investable assets.
1 https://www.federalreserve.gov/releases/g19/current/default.htm
2
https://www.reuters.com/article/us-usa-property-poll/u-s-house-prices-to-rise-at-twice-the-speed-of-inflation-and-pay-reuters-poll-idUSKCN1J20G3
View source version on businesswire.com: https://www.businesswire.com/news/home/20190606005051/en/
For Media:
Becky Niiya, 402-574-6652
Director, Corporate
Communications
[email protected]
@TDAmeritradePR
For Investors:
Jeff Goeser, 402-597-8464
Managing Director,
Investor Relations
[email protected]