College graduates continue to show that, despite having diplomas hot off the presses and their futures before them, they are returning home for a period of time in record numbers, according to MonsterTrak's 2007 survey of college students and recent graduates.
Nearly half of the respondents indicated that they would be living with mom and dad for an indefinite period. These numbers reflect several things that are slowing them down in their pursuits of independence.
Many of them have too much debt to make it on their own. High dependence on credit cards and student loans during school have left many new graduates with obligations that are strangling their budgets.
Another issue for them is the high cost of housing and the associated expenses of fleeing the nest. There is rent, utilities, car loans, insurance, gasoline, wardrobe for new jobs, and money typically spent in higher amounts during younger years - movies, dating, traveling, cd's, cellphones, computers, cable tv.
Kids who once thought that they would be free of mom's and dad's roof once they got out of school are re-thinking their view of what it is to be in their early 20's. Our parent's generation was eager to make it on their own and sought fame and fortune during an easier time financially.
The global economy's strains are finding their way to Elm Street in ways not previously considered. With the crunch of smaller budgets, fewer better paying jobs, and bigger installment payment committments, it's no wonder that kids are returning to the same bedroom that they left four years before.
Although young people in other countries have been staying at home longer than is common to US kids, this is something new for many here in the States. It will take some time and patience to get used to. Fortunately, time and patience are free. These two will fit anyone's budget.
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