The terrifying part of graduating from college is being thrown into the real world to survive. Luckily for 85% of college graduates, the “real world” includes free housing, laundry service and mom’s cooking.
Back in July, we wrote about the growing population of “boomerang kids.” Now we have some solid percentages to prove that this trend is not going away. The number of college graduates moving home after earning diplomas has jumped to 85% from 67% in 2005, according to CNNMoney and Twentysomething Inc.
Moving back home seemingly is becoming less of a faux pas and more of an expected next step in the process of growing up. The obvious reason for this shift in social structure is the recession. According to Bloomberg, about 8 million people have lost jobs during the recession, meaning students graduating now have that many more people to compete against in the job market.
The Future of Post-Grad Life
“It’s peaking at levels we have not seen before,” David Morrison, founder of Twentysomething, told CNNMoney, regarding the boomerang phenomenon.
Morrison said one of the problems with the boomerang system is that kids lead “a life interrupted,” because, “time on the job is important and you wont get that back.” It will be interesting to see the impact the weak job market will have on the boomerang generation, but for now the outlook does not look good.
There is a bit of good news for soon-to-be graduates: The class of 2011 is expected to enjoy 13.5% of growth in new-graduate hiring, according to a study conducted by the National Association of Colleges and Employers. Many graduates who have beaten the odds and found jobs still opt to save money by living at home, which raises the question of whether this could stunt social development and slow the development of money management skills. If your child has chosen to move back home after school it is important to encourage them to continue searching for jobs while setting up plans for the future.