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.

Today’s Top Stories

All News

The Utah Black History Museum is making its way around the state to promote an appreciation and und...
Waverly Golden

Utah’s part in Black history, traveling exhibit helps educate

The Utah Black History Museum is making its way around the state to promote an appreciation and understanding of Black history in Utah. 
5 hours ago
Carrier at USPS mail truck, USPS is holding a job fair...
Mark Jones

Authorities looking for suspect who allegedly robbed post office employee

Authorities are searching for an individual who allegedly robbed an post office employee on Tuesday.
1 day ago
Changes could be coming to all elementary schools in the Salt Lake City School District....
Mark Jones

Possible changes to schools could be coming in Salt Lake City School District

Changes could be coming to all elementary schools in the Salt Lake City School District.
1 day ago
A 31-year-old man was taken into custody Wednesday in connection to a bank robbery earlier in the d...
Mark Jones

Bank robbery suspect taken into custody by Salt Lake City police

A 31-year-old man was taken into custody Wednesday in connection to a bank robbery earlier in the day.
1 day ago
Utah 2022 legislative session...
Lindsay Aerts

Count My Vote threatens ballot initiative to protect signature path to primary ballot if new bill passes

SALT LAKE CITY — A new war is brewing over signature gathering.  The citizens initiative group that ushered in Utah’s decade-old compromise creating a dual path for candidates to get on the primary election ballot — which includes signature gathering, the caucus convention system or both — is threatening to launch a statewide ballot initiative […]
1 day ago
Brigham City Police need help in locating a missing  14-year-old endangered boy....
Waverly Golden

Brigham City Police locate missing teenager

Brigham City Police need help in locating a missing  14-year-old endangered boy. 
1 day ago

Sponsored Articles

Skier being towed by a rider on a horse. Skijoring....
Bear Lake Convention and Visitors Bureau

Looking for a New Winter Activity? Try Skijoring in Bear Lake

This article about skijoring is sponsored by the Bear Lake Convention & Visitors Bureau. Participate in Skijoring the Bear on February 20th, 2023.  What is skijoring? Skijoring is when someone on skis is pulled by a horse, dog, animal, or motor vehicle. The driver leads the skiers through an obstacle course over jumps, hoops, and […]
Banner with Cervical Cancer Awareness Realistic Ribbon...
Intermountain Health

Five Common Causes of Cervical Cancer – and What You Can Do to Lower Your Risk

January is National Cervical Cancer Awareness month and cancer experts at Intermountain Health are working to educate women about cervical cancer, the tests that can warn women about potential cancer, and the importance of vaccination.
Kid holding a cisco fish at winterfest...
Bear Lake Convention and Visitors Bureau

Get Ready for Fun at the 2023 Bear Lake Monster Winterfest

The Bear Lake Monster Winterfest is an annual weekend event jam-packed full of fun activities the whole family can enjoy. This year the event will be held from January 27-29 at the Utah Bear Lake State Park Marina and Sunrise Resort and Event Center in Garden City, Utah. 
happy friends with sparklers at christmas dinner...
Macey's

15 Easy Christmas Dinner Ideas

We’ve scoured the web for you and narrowed down a few of our favorite Christmas dinner ideas to make your planning easy. Choose from the dishes we’ve highlighted to plan your meal or start brainstorming your own meal plan a couple of weeks before to make sure you have time to shop and prepare.
Spicy Homemade Loaded Taters Tots...
Macey's

5 Game Day Snacks for the Whole Family (with recipes!)

Try these game day snacks to make watching football at home with your family feel like a special occasion. 
Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...
Sorenson

The Best Tools for Deaf and Hard-of-Hearing Workplace Success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
Right on the Money: how to deal with ‘Boomerang Kids’