Overwhelmed By Debt, Nearly 1 In 5 Young Adults Live With Their Parents Or Grandparents
In America today, more than 60 million people live in multi-generational households. That number is so large that it may seem difficult to believe, but the truth is that vast numbers of young adults have had to move back in with their parents and grandparents in recent years due to the deteriorating economy. Millions of our young people cannot find decent jobs once they leave school, and millions of them are absolutely overwhelmed by debt. Of course some of them are just lazy, but whatever the reason it is undeniable that multi-generational households are on the rise. According to the Pew Research Center, 12 percent of the U.S. population was living in multi-generational households back in 1980. Today, that number is up to 19 percent. That means nearly one out of every five U.S. adults now live with their parents or their grandparents.
One of the big culprits, of course, is student loan debt.
According to CNN, approximately 70 percent of all college graduates will have student loan debt to pay off once they leave school, and the average loan balance for those graduates is about $28,950.
But there are many that run up $50,000 or $100,000 in debt at high end schools. We encourage our young people to apply to the “best schools” that they possibly can, and we tell them that they shouldn’t worry about how much it will cost. We assure them that they will be able to easily pay back any debts once they leave college because of the “good jobs” that they will get upon graduation.
Unfortunately, millions upon millions of our young people have discovered that the good jobs that they were promised simply do not exist. – READ MORE