A significant number of young adults (ages 18-35) are moving back home with their parents, largely due to financial pressures from rent, student loans, and daily expenses. While this move provides necessary financial relief, it can impede developing crucial budgeting skills. The Thrivent survey indicates that less than half of these 'boomerang kids' received high markers for budgeting abilities. Psychologist Caitlin Slavens notes that the lack of financial responsibility at home makes budgeting feel less urgent, coupled with stress from life transitions, which can limit their executive functioning required for budgeting.
When adult kids move back home, it's easy for budgeting skills to slide because the stakes feel low," says Caitlin Slavens, a psychologist and co-founder of Couples to Cradles. "Rent can be free (or almost free), groceries mysteriously appear in the fridge, and Wi-Fi doesn't come with a payment plan."
The lack of financial threat makes the push to budget seem optional," Slavens adds.
Their bandwidth may already be stretched to capacity," says Slavens. "Setting a budget requires executive functioning they may not have in excess.
When adult kids boomerang home, it's not just about budgeting-it's about navigating life transitions and the accompanying emotional stress.
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