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Young parents moving in with their children

Spending pooling can be a powerful cost-cutting strategy, and one way to achieve this is by creating multi-generational families. When several adults earn and live together, they can save and save.

This is also becoming increasingly common, especially as inflation drives up the cost of goods and services. A study by Pew Research found that the number of households with two or more generations of adults has increased over the past few decades, and by 2021 31 percent of young adults without a college degree would be living in one household.

Financial pressure is the main reason for multigenerational living, but there are many other reasons for living with close relatives.This not only allows all the bills and chores to be shared, but also energetic young grandparents can enjoy and take care of their grandchildren, and the whole family can get together.

The Microeconomics of Multigenerational Living
According to the US Bureau of Labor Statistics, spending on food and housing increased in the April-June 2022 quarter compared to a year earlier. Food spending increased by 10.8% and residential construction increased by 6.1%. The financial burden is heavy for many families.

That’s why Americans are looking for creative ways to reduce spending, says Rod Griffin, senior director of consumer education and advocacy for Experian’s credit division. This also includes the transition to multi-generational families.

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