Valley First

Opportunity knocks for Boomerang kids

June 24, 2014

Penticton, B.C.—Increasing debt levels, a stagnant job market and high housing costs are driving a growing number of twenty- and thirty-something back to the family home; however, it’s not all gloom-and-doom—there’s an upside for this so-called Boomerang generation.

According to some of the most recent research, today’s young people are facing an uphill battle when it comes to establishing financial independence. The financial burden on them is greater than it was for preceding generations, although they still crave the comparative financial independence they saw their parents enjoy.

"Being twenty-something and still living with your parents doesn’t have the stigma it used to,” says Geoff Willers, a branch manager at Valley First. “People have realized that times are different and the economic challenges of the last several years weren’t just a blip. We’re seeing more young people either stay or return to the security of the family home as a way to cope with the financial pressures they’re facing.”

The reason many Millenials move back home is that it reduces this financial pressure, primarily in the area of housing and related costs. With that little bit of breathing room comes the chance to make progress on financial goals.

“There are real financial benefits that come with living under your parents’ roof,” says Willers. “It’s an opportunity to get back to proven basics like saving, investing, and paying off debt, which all help to establish your financial footing.”

Willers adds that young adults need to wisely use the rent rollback they experience after returning to the nest.

“It’s important to make the most of the time under decreased financial pressure to improve one’s financial position,” he says. “Being back at home is the time to remain fiscally disciplined, to budget and live within one’s means and make sure the opportunity to achieve financial independence doesn’t slip away. It may be OK to be living with mom and dad again, but getting in a position to leave the nest for good is the goal.”

About Valley First

Valley First is a division of First West Credit Union, B.C.'s third-largest credit union, which has 40 branches and 28 insurance offices throughout the Lower Mainland, Fraser Valley, Kitimat and Okanagan, Similkameen and Thompson valleys. Led by Launi Skinner, First West has $7.1 billion in assets under administration, more than 171,000 members and close to 1,300 employees.

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