In the end, financial independence is truly a litmus test of whether a young adult has made a transition to adulthood.
Dallas, TX (PRWEB) April 18, 2013
More young adults lived with their parents during the Great Recession as a direct result of the tough economic times between 2007 and 2009. In comparison to the 1980’s when 17 percent of young adults between ages 20-34 lived with their parents, the Great Recession showed 24 percent of young adults back at home. As a result, 25 percent of today’s teens and young adults do not believe they will be able to support themselves in their twenties and expect to have to live at home with their parents for a long period of time after high school or college.
During the economic crisis, many young adults had difficulty mapping out career paths, oftentimes staying in school longer to explore different options. The uncertainty in career paths lead to great instability, and many young adults stayed at home in order to figure out career plans and even map out alternative life courses should their first one fail. The average American holds seven to eight jobs between the ages 18 and 30, and frequent job switching makes it difficult to find suitable stable employment.
Another huge attributing factor was the trend of pushing back marriage to a later age. In the 1980’s, the median age of first marriage was 24.7 for men and 22.0 for women. In 2009, the median age was 28.1 for men and 25.6 for women. Single young adults had more flexibility to move in and out of their parent’s homes when finances grow tough, and they had less reason to move out if they did not have a spouse or kids. The report also noted that those who were financially unstable were less likely to be in a position to get married.
The report found young adult men were much more likely to live with their parents than young adult women. This correlated with men’s first marriage age: since men were more likely to get married at a later age than women, they were more likely to live with their parents longer. Also, compared to daughters, sons had fewer domestic responsibilities-- giving them less incentive to move out as women.
The report also points out that living at home with parents provided a safe haven for young adults who were having a difficult time becoming financially independent.
“In the end, financial independence is truly a litmus test of whether a young adult has made a transition to adulthood,” says report author Zhenchao Qian.
Today, living at home after college is something that many young adults consider normal. Some believe the new trend is good because young adults develop better relationships with their parents who play an active role in their young adult lives, while others point out that young adult children living at home well into their 20’s and 30’s financially burden parents while preventing themselves from transitioning into adulthood. While some young adults co-habit with their parents out of choice, most do so out of necessity.
Hundreds of young adults simply cannot make ends meet. Some want to take out loans to help support themselves, but when they have not developed credit yet, they get denied by banks and private lenders. Dallas Car Title Loans offers a service that allows young adults to get a loan despite having no credit. Even if they have bad credit, they can still qualify for a loan using their car title as collateral. They can get as much as $10,000, and receive their cash a day after they apply online. Payment plans are flexible to the individual’s needs, and they offer some of the most competitive interest rates in the industry.