Sounds like a good title for a song. Wait – the Dave Clark Five recorded this. But I’m not talking about rock and roll. I’m talking about Millennials, And what they are doing is coming back home after they finish college to make your life a living hell. More than 25% of them in fact.
Move now and don’t tell them where you went!
Seriously, an investment house made a survey and found that 26% of the Millennials currently in college plan to move back in with their mom and dad after graduation. Their reasoning is that they have student loans to pay off before they can get started on saving for their own house, getting married, starting a family and all the other things that grown ups do. Their student loans average over $11,000, but can run to $50,000 or more. My niece graduated law school and was in debt well over $100,000. And it will take them time to pay off this debt. By moving back in with their parents, they can use the money they save by not paying rent and other living expenses, and apply those funds towards paying the student loans.
And although 25% of the graduates are planning on moving back home after graduation, nearly half of them actually do. This is not something that is new. This trend has been going on for a number of years.
The kicker is that only two thirds of these grads think that the money spent on getting an education was worth it. The remainder don’t think the education that they received is worth incurring the debt.
Thirty two percent expect to have their student loans paid by ages 20 – 29. Fourty per cent think it will be between 30 and 39. And the remaining twenty eight percent don’t expect to pay off their student loans until they reach at least 40.