How to Help Your Kids With Finances When They Move Back Home

For millions of older parents, the nest is as crowded as ever.

A family dinner includes the parents and an adult son and an adult daughter.
(Image credit: Getty Images)

One in three adults between the ages of 18 and 34 are living with their parents, according to the U.S. Census Bureau. Several economic factors are leading adult children back home, and student loan debt is a major contributor. The average Generation Z borrower (born between 1997 and 2012) had an outstanding student loan balance of $24,473 as of 2023, and the average millennial borrower (born between 1981 and 1996) had a balance of $42,637, according to credit reporting company TransUnion.

Many young adults are deep in credit card debt, too. In the second quarter of 2023, Gen Z credit card users between the ages of 18 and 26 were carrying an average credit card balance of $3,148, a 17% increase from a year earlier, according to credit reporting company Experian. Millennial credit card users were carrying an average balance of $6,274, an increase of 18%.

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Ella Vincent
Staff Writer

Ella Vincent is a personal finance writer who has written about credit, retirement, and employment issues. She has previously written for Motley Fool and Yahoo Finance. She enjoys going to concerts in her native Chicago and watching basketball.