While multigenerational families have always existed, those households in years past typically consisted of aging parents being cared for by their adult children. While this dynamic certainly still exists today, a new and frightening statistic is becoming the norm. For the first time in history, a larger portion of younger people are living in a multigenerational household than compared to those 85 years and older. This recent article in business section of the LA Times gives the statistics for this alarming trend.
Although this story notes that the number of these “types” of households jumped during the great recession of 2008, the author fails to give specific reasons for the continued growth. It is difficult to really know whether or not the economy is bouncing back and whether job growth is really on the rise due to the conflicting new articles we are constantly inundated with.
As I see it, the fact that young people are living with their parents is a sure sign that financial stability is not increasing. In my law practice, I find that most people in this age group are burdened with excessive amounts of student loan debt, credit card debt and are either under or unemployed. If you are living with your parents because of large amounts of private student loan debt, credit card debt, medical bills or personal loans, it may be time to consult with a debt settlement attorney. A qualified attorney who focuses in this area can negotiate for large reductions in the amount that you owe without the need for bankruptcy.
Author: Kevin Fallon McCarthy