It’s not uncommon for adult children to move back in with their parents after leaving home.
Nearly half, or 46%, of parents say they have an adult child aged 18 to 35 who has “boomeranged” home, according to a survey released in April by financial services provider Thrivent.
What stands out about this group of adults, however, is they tend to struggle more to manage their money. According to the survey, 46% of adult children currently living at home received high marks from their parents for their budgeting skills, compared with 63% of those who never moved back home.
While it’s unclear exactly why boomerang children are worse at budgeting, the discrepancy could point to a broader issue: Parents of adult children living at home might be more hesitant to have open and honest conversations about money, says Alex Gonzalez, a certified financial planner at Thrivent.
“If these adult children launch into their own adult lives without having some of those conversations, then yes, they’re going to record lower marks on their own financial skills,” Gonzalez says.
