Student Analysis: Boomerang Children
The recession has affected most everyone in one way or another. Unfavorable job markets and high unemployment rates have increased the number of people moving back to their parent’s house that were previously in college or living alone. These people are known as boomerang children. However, the name may be misleading, as a new generation of “boomerang children” has arrived with almost 500,000 adults aged 35 to 44 moving back in with their parents. They’re definitely not children anymore. The article I found in the Times online discusses how the number of boomerang children is increasing due to the negative effects of our ailing economy. This paper relates to the class because chapter twelve talks about the different types of boomerang children and the problems they create for everyone involved…especially the parents. Most college students tend to move back home after graduation in order to get their feet under them. This includes saving up money in order to move out, finding a career, and a good place to live. I would say this period of time lasts roughly six months to one year. However, this new generation of middle aged adults is not back from school. They’re out of a job, they’re in debt, and some have gone bankrupt. The article expects things to only get worse as experts predict that insolvency levels will hit a high this year, with 150,000 people going bankrupt. Men aged 26-45 are the most likely to be affected. This problem is compounded when you consider that house prices are slowly going back up, rising continuously for the past six months.
Young and middle aged adults moving home also hinder the parents financially when you consider the costs of providing for an extra person in the household. The rise in boomerang children has resulted in the decrease in retirees and the age at which someone retires. Parents must now work longer in order to help their children. The article offers solutions to...
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