Millennials Are Living At Home – Here’s Why
Millennials were arguably hit hardest of all by the Great Recession. And since outrageous rent is a monster most Canadians have no other option but to either embrace with great difficulty and tremendous effort, or totally avoid by living with parents or other relatives, it’s no surprise that millennials end up living at home with their parents for much longer than previous generations. But multiple factors play a role here; not just Canada’s sky-high rent and general real estate situation.
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Those born between the years 1981 and 1996 are prone to wait much longer before marrying and starting a family than what baby boomers were. There’s little sense in moving away from home when there’s no real reason to take on additional expenses, after all. And despite the general misconception that millennials are a lazy generation, the reality is that they’re in actual fact trying harder than most others to master money and life.
Life And Work Have Changed
There are definite discrepancies between conceptions formed about millennials and the actual reality. Its important to look deeper than what appears to be true at face value and this becomes especially necessary when trying to form an opinion about what millennials are really like.
The fact that a large percentage of millennials make a living from contract work in a way contributes to the false belief that they are a generation not too fond of working. Job-hopping appears to be a thing among millennials, but it must be kept in mind that this is the very nature of what contract work is like. And according to research conducted by Pew Research Center, even though millennials tend to engage with more jobs over the course of a 2-year period than what was the case with Generation X, many of those instances did not necessarily involve employer-hopping.
Student Debt Is A Thing
Let’s be honest; a proper education doesn’t come cheap. And since millennials value a post-secondary education above all else, it stands to reason that student debt is another major driving force for moving back home after having attended some college or university.
The Canadian Federation of Students estimates that 2010, Canada’s student loan debt came in at a staggering $15 billion! The guestimate at the time was that students living in Ontario and the Maritimes were hit hardest of all, being at the time buried under student loans to the tune of an average of $28,000 per student.
Many millennials may be living at home with one or both parents, but its blatantly obvious that this isn’t for a lack of trying to make it on their own.