They work, rest and stay

According to Bernard Salt 18 per cent of 25 to 29 year olds are still at home and they are predominantly middle-class. In fact in more affluent suburbs in Melbourne and Sydney it’s around 50 per cent. And the word is the baby boomers don’t mind at all. One theory of Dominic Thurbon’s, the managing director of gen Y consultancy the Centre for Skills Development, is that parenting styles-more similar to friendships, is one factor that has enabled this trend. This may be well and good, but the concern is the lack of financial literacy the ‘adultescents’ are developing. What happens when they leave the nest and hit the real world of financial responsibility, especially in the tougher times we are now facing? Some parents are changing the status quo given the current economic climate and this is good news for gen Ys. Encouraging financial responsibility ahead of tough times will hopefully stand gen Ys in better stead for the future.

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