ALL NEWS

Right on the Money: how to deal with ‘Boomerang Kids’

Nov 11, 2019, 12:21 PM | Updated: Aug 30, 2022, 3:34 pm

boomerang kids...

More and more parents say they're frustrated by adult children living at home. What's a mom or dad to do? Photo: Getty Images

SALT LAKE CITY — So your adult child moves back into the house. How on earth do you set limits on them so they don’t become financial vampires that lead you down the road to end up on Dr. Phil?

We sat down with DMBA’s Shane Stewart to figure that all out.

1/3 of 25 – 29-year-olds are living with parents or grandparents

According to the Pew Research Center, 33% of adult children between the ages of 25 and 29 are living with either their parents or their grandparents. Pew found that in 2014, for the first time in 130 years, adults were slightly more likely to be living with their parents than with a spouse or a partner in their own homes.

That attribution, Pew says, is mostly due to the drop in young Americans who are getting married or “settling down romantically” before the age of 35.

This is not the all-time record number of young adults living with Mom and Dad, Pew points out; that record was set in 1940  when the number was closer to 35%.

What to do? Set boundaries

If you do have your young adult coming back to the nest, what do you do to make sure they don’t become financial vampires?

Well, the first thing to do, according to Orla Mccaffery with Money.com, is to start charging them rent.

“The fee allows parents to recoup some of the costs of having another person in the house, from higher water bills to more frequent grocery store trips. And it teaches young adults to pay for some of their own expenses,” Mccaffery writes, which is something she says helps teach them that their money isn’t just party money.

That decision might not be the easiest thing to do, but it’s an important step.

Dave Noriega made that point on Monday’s Dave and Dujanovic Show.

“When we look at our kids, and they struggle, we think, ‘Oh, I just want to want to pave the way a little bit for making a little softer landing,’ which is why we say, come home, live at home, and save your money,” he said.

Shane Stewart with Deseret Mutual Benefits Administrators says that whatever the agreement with your child is, the ground rules need to be set as they’re coming back.

“A little tough love is not out of the question [and] if they’re coming back, set some ground rules,” Stewart advised.

The rest of the conversation

Hear the rest of the conversation about the best way to help your “Boomerang Children” — and at what age you should start thinking about changing the locks in the Dave and Dujanovic podcast below.

 

The $1,000 Challenge

Join our secret $1,000 Challenge Facebook group, where you can share your progress toward $1,000 in savings, get tips from others, and share tips of your own.

Dave & Dujanovic can be heard weekdays from 9 a.m. to 11 a.m. on KSL NewsRadio. Users can find the show on the KSL NewsRadio website and app, as well as Apple Podcasts and Google Play.

Click here for official contest rules.

Listen on Google Play Music

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

All News

The search is underway for 25-year-old Tobias Braaten who planned to hike on the Fernwood Trail Fri...

Devin Oldroyd

Search for missing Fernwood Trail hiker underway

The search is underway for 25-year-old Tobias Braaten who planned to hike on the Fernwood Trail Friday and return Saturday.

1 hour ago

Former BYU men’s head basketball coach Mark Pope high-fives the front row of the student section ...

Mitch Harper

Kentucky’s Mark Pope Expressed Gratitude For Time As BYU Head Coach

Basketball coach Mark Pope expressed gratitude for his time at BYU while settling into his new position as Kentucky Wildcats bench boss.

5 hours ago

(Canva)...

Michelle Lee

Find greater happiness through joy-filled connections

Let’s Get Moving Host Maria Shilaos spoke with Clinical Psychologist Dr. Carla Manly to learn how we can boost happiness through connections.

7 hours ago

In this June 5, 2019, file photo, Morgan Wallen arrives at the CMT Music Awards on at the Bridgesto...

Associated Press

Recently arrested Morgan Wallen says he’s “not proud” of behavior

NASHVILLE, Tenn. (AP) — Country music star Morgan Wallen, who faces charges stemming in part from accusations that he threw a chair off the rooftop of a six-story bar, says he’s “not proud” of his behavior and accepts responsibility. The “One Thing at a Time” singer responded publicly Friday night on social media to his […]

19 hours ago

Former Arkansas governor and U.S. Sen. David Pryor, a Democrat who was one of the state's most belo...

ANDREW DeMILLO Associated Press

David Pryor, former governor and senator of Arkansas, dies at age 89

LITTLE ROCK, Ark. (AP) — Former Arkansas governor and U.S. Sen. David Pryor, a Democrat who was one of the state’s most beloved political figures and remained active in public service in the state long after he left office, has died. He was 89. Pryor, who went undercover to investigate nursing homes while a congressman, […]

20 hours ago

Kevin Bacon at Payson High School....

Amie Schaeffer

Kevin Bacon visits Payson High School after student-led campaign

Actor Kevin Bacon returned to Payson High School after a student-led campaign. The actor and the students spent the morning building service kits.

23 hours ago

Sponsored Articles

a person dressed up as a nordic viking in a dragon boat resembling the bear lake monster...

Bear Lake Convention and Visitors Bureau

The Legend of the Bear Lake Monster

The Bear Lake monster has captivated people in the region for centuries, with tales that range from the believable to the bizarre.

...

Live Nation Concerts

All the artists coming to Utah First Credit Union Amphitheatre (formerly USANA Amp) this summer

Summer concerts are more than just entertainment; they’re a celebration of life, love, and connection.

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

front of the Butch Cassidy museum with a man in a cowboy hat standing in the doorway...

Bear Lake Convention and Visitors Bureau

Looking Back: The History of Bear Lake

The history of Bear Lake is full of fascinating stories. At over 250,000 years old, the lake has seen generations of people visit its shores.

silhouette of a family looking over a lake with a bird in the top corner flying...

Bear Lake Convention and Visitors Bureau

8 Fun Activities To Do in Bear Lake Without Getting in the Water

Bear Lake offers plenty of activities for the whole family to enjoy without having to get in the water. Catch 8 of our favorite activities.

Right on the Money: how to deal with ‘Boomerang Kids’