It seems to be a sign of the times. More adult children are "having to move back to their parent's home." It isn't just the Millenials that are losing their jobs, already loaded down with college debts, but some gen xers are in the same boat. These are the adults born in the mid-'60s to 80's. During this COVID pandemic, many have lost jobs that they have held for years. There doesn't seem to be a plethora of jobs awaiting them. Some have skills that will serve them well, but others don't. Unemployment doesn't pay enough for even a single person to pay rent, keep up a mortgage, pay utilities, maintain car payments, insurance, buy food, and the myriad of other things that can keep a roof over their heads. They can end up on the streets, or rent single rooms as in sharing a house. Others have relocated and moved in with an elderly parent or parents. Hopefully, this will be a temporary arrangement until a more satisfactory one can be found. In some cases it may work out just fine. Some can start drawing from their 401 K plans if they have them. These plans are for retirement and they aren't there yet. Others have worked and lived paycheck to paycheck and don't have an adequate cushion to fall on.
One way that this current crisis may be positive is that the multigenerational family, living in one house may come back again. Elderly parents may need help with care and the adult child can fill this role. Families in America have long been dispersed to live in other states, cities or towns and the family that includes more than one generation has become less prevalent. I would like to hear responses about this current phenomenon. Please share your thoughts especially if this has happened to you.
Take-a-way. Again the current times call for resilience in a big way. We can all get through it.