Who are the Boomerang Generation?
Everybody knows who the baby boomers are, but now a new term has been coined for their children- the Boomerang Generation. According to The Economist, the number of adults aged 20 – 34 and living at home has increased 28% since 1997.
Whether baby boomers had it easy or not, the fact is that now their children are having to move back home after university because there are no jobs, which isn’t an ideal solution for either party involved. Parents that have worked hard to give themselves a nice retirement are now being asked to provide for their adult children and university graduates are being forced to live at home and put their life on hold while they look for a job.
It isn’t just the parents who have to cope with the financial burden of supporting their grown-up offspring either, grandparents are dishing out inheritance money and eating into their savings to help out needy grandchildren.
The reason so many graduates are moving back in with their parent is that the job market is fiercely competitive and there just isn’t enough jobs to go round. Moving back home and paying minimal rent is a wise option and graduates will be able to save money as well as take the time to really assert themselves when looking for jobs.
Student and graduate insurance specialists Endsleigh have put together a guide discussing the Boomerang Generation and how best to deal with moving home, which for some might seem like a huge set-back. Living with your parents again will seem strange after enjoying so much freedom at university, but just think of it as a means to an end.
Besides, now that you’re an adult, it won’t be like reverting back to a being a teenager, if you’re paying rent or contributing towards the bills, you and your parents will have a more balanced relationship.
Remember that you are living at home to save money and find employment, so don’t spend money on luxuries and make sure you really assert yourself when applying for jobs. As well as looking for vacancies, you should send your CV off to companies you’d like to work for and join networking site LinkedIn. All this takes time and effort but living at home with your parents is the perfect time to do it… it will all pay off in the end!