We've got yet another study on grown children and money. This time it's not about how we parents are helping them pay their bills or buy a house (we can be so wonderfully generous, can't we?), but about the pressures that force them home again and how we ought to deal with the boomerang kids.
A recent story in the Washington Post looked at the three-year trend for moving back home: nearly half the about-to-be college grads plan to do so after they graduate. The survey, courtesy of MonsterTrak, also found an uptick in this year's rate-of-return: where 22 percent of last year's survey respondents said they planned to live at home for six months or so, a year later, 43 percent of them are still there. Chief among the reasons for staying put:debt--college loan and credit card.
Moving back home for an extended time isn't necessarily healthy for either the parents or the grown children. They lose their independence and we get to see our grown child's habits up close and personal.
The Post story listed some issues that should be discussed "before the bags are unpacked." These start with rent [will it be levied], length of stay and personal financial information. The experts quoted in the story say we parents have a right to that information in order to keep tabs on our adult child's progress toward independence [and a move out of the house]. "If they don't want to be accountable to you," the advice reads, "then they need to get up and out of your house."
Tough love. And a form of love that doesn't sit too well with some of us. Having to have a contract with our children? Ick. Charging them rent? You'd have to be in desperate financial straits--unless you were putting it in a savings account for them so they'd have a nest egg ready when they're ready to move onward and out.
Any other thoughts on where you'd come down on dealing with a re-feathered nest?