More than a third of 'millennials' living with mom and dad

KETK
News
Thursday, August 22, 2013 - 6:47pm

"I live with my parents."

Michael Siegler is not alone.

Thirty-six percent of America's young adults -- ages 18 to 31 -- are living with mom and dad. And according to Pew Research Center -- the majority of young adults living at home either have some college education or a GED or less. 

"It's a difficult job market and those that are less prepared, they lack a college education or technical training, are finding more difficulty finding employment," said Jay Oliver, financial advisor at Rose Point Capitol.

Seigler is 22, went to Tyler Junior College for a year, and lives at home -- making him part of the majority.

But he says it is really nice, "not having to deal with the insurance and house payments and all the problems you run into."

His mom does not seem to mind either. She said she would rather him be in the house than asking for money at his own place.

"With my parents we'd get into a bind and we'd have to say 'hey mom, dad we're getting behind on these bills," Tonya Seigler said. "I don't have to worry about that right now because we're taking care of everything."

But financial advisor Jay Oliver says you should use the time to save money and parents should not just enable them.

"If this interferes in any way by staying at home an extended period of time in that process they're just putting off the inevitable," Oliver said. "Which is the discipline it takes to live within your means, have a budget, and plan your own financial future."

Tonya Seigler hopes she is doing it right.

"We're hoping to teach them money management so whenever they do step out into the world they are more prepared," Seigler said.

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