I get it. Young people want to be independent. And one day they should.
But why are we pushing our young adults out the door so soon in an economic world where rent takes up far too much of their net spendable income? If they can live at home in their early adult years, they should.
So my take on new report by the Pew Research Center on the trend of young adults moving home is not to gasp but to clap.
“For the first time in modern history, more 18-to-34-year-olds live with their parents than in any other living arrangement, the Washington Post’s Tara Bahrampour writes in reporting on the Pew report.
Bahrampour continues: “In 2014, nearly one-third of young adults lived in their parents’ home, a bigger group than those living with a spouse or romantic partner, living alone or with roommates, or living as single parents.”
Why are adults moving in or back to their parents’ homes?
— Decline in economic opportunities.
— Escalation in cost of living.
— Stagnant wages
— Student debt
— High home prices
You are not a financial failure if you’re living at home to save or pay off debt or both. It’s a smart money move.
Color of Money Question of the Week
What so you think about young adults living at home? Send your comments to firstname.lastname@example.org. Please include you name, city and state. In the subject line put “Moving in with parents is not passé.”
Live Chat Today
I’ve live taking your money questions at noon (ET). As always, it’s also “Testimony Thursday.” Share your good financial news.
Click the link to join the discussion.
Video Watch: Card Skimming at ATMs
Every so often I’ll be featuring a financial video that I think will be helpful. And if you see a money-related video that you find useful send me an email about it to email@example.com. In the subject line put “Video Watch.”
This week’s feature video is from the FoolProofme
Through foolproofme.com and foolproofteacher.com, the nonprofit offers free online financial literacy lessons for teachers and individuals.
FoolProof’s latest video warns about ATMs. Criminals attach devices to ATMs to capture your information and steal money right from your bank account. Watch the video for tips to protect your money.
And here are some additional information and advice on escaping skimmers:
— How to Spot and Avoid Credit Card Skimmers
“The ATMs inside banks are generally safer because of all the cameras, although some daring criminals do still succeed at installing them there,” writes Max Eddy for PCmag.com “The ATM inside a grocery store or restaurant is generally safer than the one that is outside on the sidewalk. Stop and consider the safety of the ATM before you use it.”
— Skimming the cash out of your account
As Laura Bruce writes for Bankrate.com “ATM card into a skimmer and it will read all the account information stored electronically on the magnetic stripe, plus, depending on the sophistication, record your personal identification number, or PIN, as you punch it in on the ATM keypad. Next thing you know, your checking account is notably lighter.”
— Police report jump in ATM skimming across country
Financial news you can use
Retirement columnist Rodney Brooks Monday newsletter this week: IRS impersonation scam targeting seniors still strong, but finally some arrests
Color of Money Columns This Week
— On the job hunt, dress to impress? Yes.
Before we go out, I need to know your credit score
A survey by Bankrate.com found that nearly 4 in 10 adults say knowing someone’s credit score would affect their willingness to date that person.
The Color of Money Question of the Week last week was: How much financial information do you think should be shared when you are first dating someone?
Lorna Gilkey of Alexandria, Virginia wrote: When first beginning to date, I don’t believe you should share big financial information. However, I pay VERY close attention to what types of dates they want to do. If they are trying to spend a lot to ‘impress’ me that’s a red flag. If they are wearing ultra-fancy clothing and shoes or driving a fancy car, they may be a ‘label whore’ – major red flag. I watch for signs of financial irresponsibility. But also, I ask if they tithe, which may be an indication of positive priorities. I found I can predict their credit score accurately by how they chose to live. Holes in your shoes but contributing the maximum on your 401(k)? My kind of man!”
I “think that good compatible credit scores and financial responsibility are very important,” wrote Bill Allen. “My first wife died at age 60 after 34 years of marriage and things like ‘financially responsible’ and ‘not highly materialistic’ were on my written checklist which I did when I thought about re-marriage. We are coming up on 25 happy years.”
Readers may write to Michelle Singletary at The Washington Post, 1301 K St. NW, Washington, D.C. 20071, or firstname.lastname@example.org. Personal responses may not be possible, and comments or questions may be used in a future column, with the writer’s name, unless otherwise requested. To read previous Color of Money columns, go to washingtonpost.com/business.