Is your adult child moving back home? Make sure you have this conversation

Moving back in with Mom and Dad can help adult children lay down a healthy financial foundation, and even their parents could feel the perks — if the parties talk about it. Avoiding those conversations could otherwise be a money — and relationship — disaster.

“The big challenge for a lot of parents whose kids boomerang back is that it takes money and resources,” said Delvin Joyce, a financial planner at Prudential. Those could be assets that would otherwise go toward their retirements.Almost six in 10 adults between 18 and 24 years old lived in their parents’ home in 2021, according to the Census Bureau, up from 55% in 2019. The Census Bureau noted the pandemic may have impacted those figures.

Boundaries must be set, including house rules and financial assistance. Parents may want to engage a financial planner, who could help them write out a plan that includes juggling monetary goals with familial obligations or desires. If they don’t have a financial adviser, families should sit down and pore over their cash flow.

Comparatively, not all parents are comfortable talking about finances with their children, no matter the age.Expressing expectations about money is key. If the adult children are employed, they and their parents can work out a budget that partially supports the household as well as builds a nest egg for their own futures. “I don’t think it’s unreasonable to ask to contribute to household bills and expenses,” Joyce said.

He doesn’t look happy to be back home 😂

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