In this video, I talk with Tim Picciott, The Liberty Advisor about the new shocking numbers that show 52% of all millennials currently live with their parents.
While there is certainly an uptick this year, it was only a catalyst. This year's uptick was bound to happen anyways. People aged 18 to 28 were on their last legs to begin with. All that needed to happen was for the dominoes to be tapped lightly and they were going to fall over.
The number of young people living with their parents has skyrocketed in the last ten years. We've been talking about it for most of the past ten years. Now there's just an excuse the establishment can blame it on, but the reality is that the age of dependence is coming to an end at its most disastrous level. We haven't seen anything even close to this since the Great Depression.
This is also affecting the baby boomer generation dramatically. They spend the most into the economy and they're busy taking care of their kids' debt as they live at home.
Tim explains the issue and what can be done as he is a certified financial planner.
Stay tuned as we continue to cover this issue closely!
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Somewhat misleading title, as most of the people within the statistic are Generation Z, not Millennials. Millennials, being widely defined as those born between 1981 and 1996, are aged 24 to 39 as of 2020. Generation Z begins around 1997 and ends somewhere in the 2010s, consensus on end has not been reached yet, though it's looking like it'll wind up being 2012.
Other than that, the statistic is a pretty bad economic indicator. However, it's important to remember that it's a symptom of larger problems and not the cause.
Here's a quick rubric for the birth years of western generations, for future reference:
Lost Generation: 1883-1900 G.I. Generation: 1901-1927 Silent Generation: 1928-1945 Baby Boomers: 1946-1964 Generation X: 1965-1980 Millenials/Gen Y: 1981-1996 Zoomers/Gen Z: 1997~2012 Generation Alpha: ~2013~202x