Live And Learn

Adult children are remaining at home for longer. Here are 11 things they can do to gain financial independence

- Alex Moffatt

One of the toughest issues parents find themselves dealing with in today’s world is children living at home into their 20s and sometimes – heaven forbid – beyond. While the companionship of still-living-at-home-children/kids

(SLACKs) can be heartwarming, it’s hard not to think that somehow these children are refusing to face the real world and all the financial responsibilities that entails.

Last year’s census showed that between 2011 and 2016 the proportion of 20- to 24-year-olds living with their parents grew from 41.4% to 43.4%. For 25- to 29-year-olds, the jump was from 15.7% to 17%. It is a trend that is hard to ignore and one that shows no sign of changing, certainly while house prices keep heading north.

Several years ago, the author Robyn Hartley wrote the following for the Australian Institute of Family Studies about the trend: “Young people leave home willingly or reluctantly. They leave with confidence, hope and a sense of adventure. They leave with trepidation and anxiety, in fear, disgrace and despair. They may be encouraged out, helped out, pushed out, run out. They may be clung to, cried over, exhorted to stay. When the young leave, parents sigh with relief, weep for the loss, fear the worst, hope for the best.”

One of the greatest gifts that parents can give young adults who live at home is to encourage (implore? exhort? demand?) them to learn some financial and life skills to prepare them for the inevitable time when they move into their own accommodation.

Gaining such skills improves their chances of attaining financial independence and success. Instead of the children leaving home with trepidation, they will depart with a keen eye and enthusiasm for their financial future. Their future husbands/wives/partners will thank you for it.

1 WORKING (AT LEAST PART TIME)