21M young Americans now live with parents, Pew study finds - KMSP-TV

21M young Americans now live with parents, Pew study finds

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So much for empty-nest syndrome. According to the Pew Research Center, more than one third of young adults between the ages of 18 and 31 are living with their parents, accounting for some 21 million people.

FOX 9 News spoke with Justin Halverson, a partner at Great Waters Financial, about the study and what the members of Generation Y can do to change those statistics.

Q: What is this doing financially to not only those young adults but also the parents?

A: It's a big challenge for both of them. I do retirement planning and the biggest challenge for most of them without a big pension these days is: Where do we get the income for retirement?

Q: Do you believe the Baby Boomer generation is more tolerant of having their young adult children come back home for whatever reason?

A: I think they are ultimately. I don't know if they are happy about it. Some of the people I meet with say it was sad to see them go to college but tougher to see them come back home. They are tolerant, I believe, because of the challenge their kids are facing today -- the biggest one probably being the debt situation. College debt and credit card debt.

Q: Is it time for them to go two-feet and start striking out and looking for something that gets them out there?

A: Most of them actually are trying, in my opinion. Most of the people I talk to, there are not a lot of real good jobs in their field. They end up maybe not being unemployed, but being underemployed. That's why we're seeing a lot of this generation still in school, maybe longer than they thought they would be. If they are in school, they are more likely to be with mom and dad to cut costs.

Q: Do you have any concerns that the debt load the Millenials face is so overwhelming that it puts them back in their parents' home … it will change the economy?

A: I think it may. The economy as a whole, I don't know if I can speak for that, but a study by Wells Fargo about student loan debt and the impact on the Millenials showed over half of them delayed or did not purchase their first home, buy a new car, over half didn't save for retirement, and 15 percent said they were not going to get married because of student loan debt and the fear that it brought.

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