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September 13, 2021

More young adults living with parents now than in past 20 years

51 per cent of Generation Ys between the ages of 20 and 29 lived with their parents last year, according to the latest Statistics Canada data.

Kid That’s compared with just 31 per cent of Generation Xers and 28 per cent of late boomers who lived at home during that same age period.

And while it may be easy to view them all as permanent 'basement dwellers', Generation Y is just more financially savvy than past generations, says CIBC economist Benjamin Tal.

The gang in this cohort simply know when they've got a good thing going.

The comparative lifestyle figures, including those on delaying marriage and children, simply reflect how thoughtful Generation Y members actually are, Tal says. Most, who he describes as "frighteningly calculating" are just biding their time until they’re financially secure enough to support those spouses and children.

Barbara Mitchell, author of The Boomerang Age: Transitions to Adulthood in Families agrees.

A lot of young people could likely afford to live on their own, but not in the manner they're accustomed to, she maintains. Their numbers are also being swelled by the increasing levels of student debt they've accumulated by the time they finish their studies.

Despite this, both parties are generally happy with this extended living arrangement even though it may increase the frequency of arguments between parents and children over subjects such as money, chores and responsibilities, she admits.

Still stuck with a mortgage and a house full of 20-somethings? How are things working out?

By Gordon Powers, MSN Money



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...