Skip to main content

Millennials are embarrassed to still live with parents, but some are too poor to move out

Young millennials also have plenty of regrets about their college experience.
  • Author:
  • Updated:
    Original:

Young millennials admit they'd be embarrassed if they were still living with their parents in their late 20s, but student debt is making it difficult for them to fly the nest.

A survey of adults aged 20-26 by Ameritrade has plucked out some interesting data about young adult attitudes to college, money, work and everyday life.

And one number that caught the eye is 28 – the age at which 34 percent of 20-26 year olds said they would be embarrassed to still be living at home with their parents.

Twenty-seven percent said 30-34 was the cut-off point for living at home, while 11 percent said they wouldn't get embarrassed until they had passed 35, which is getting into Dale and Brennan fromStep Brothers territory.

The problem with that is for some millennials, particularly college grads, moving out isn't always easy because money can be tight.

Some 27 percent of those who responded to the survey said they had delayed moving out of their parents' house because of student debt.

This could be a reason why in 2016, 15 percent of 25 to 35-year-olds reported living at home with their parents. That’s 5 percent more than Generation Xers in 2000, and 7 percent more than late boomers in 1981.

However, high school grads were twice as likely to be still living at home at this age than college graduates.

Regrets, they have a few

It seems like there is plenty of regret among some young adults about their college experiences, not least making sure they have set themselves up financially for the real world.

Around 17 percent of recent graduates – 24 percent among those living in cities – said the piece of advice they would give their 18 year old selves would be to earn some money during college to help keep their debt down afterwards.

And when asked if they could do it all again, how they would change their college experience, 24 percent answered they would "spend less money/get into less debt" while 22 percent said they'd change their major for one that leads to a career in a better paying field.

This financial angst among young millennials could have something to do with the fact that the average student who went to a four-year college in Minnesota graduated in 2015 with around $31,500 debt.

Next Up

polymet mining

Court issues mixed ruling on PolyMet, orders more analysis on water permit

The court, however, overruled several challenges to the permit.

SPPD Kua person of interest 01-24-2022

Police release images of woman driving stolen Audi that had puppy inside

It's not clear whether she was involved in the vehicle theft.

J R Jones - Anoka County Jail 2021.10.16 - Resize crop

Fatal hit-and-run driver can avoid prison time with plea deal

He was charged with striking and killing a 56-year-old who was walking her dog.

Screen Shot 2022-01-24 at 11.21.49 AM

Alex Rodriguez: 'I'm not a Packers fan'

He was at Lambeau screaming "Cheese!" and "Let's go!" during the playoff game against the 49ers.

St. Paul Police Department

Woman killed in St. Paul's North End identified as 31-year-old

A 35-year-old man has been arrested in connection to the shooting.

police lights

Homes shot at randomly in Wisconsin; residents nearly struck

The people inside the homes were nearly struck, according to the  Juneau County Sheriff’s Office.

Levi Arneberg

Charges: Man killed roommate's 4 pet ferrets after argument

He told police he swears one of the ferrets was "laughing and breathing" as he kept shooting it in the head, charges state.

Minneapolis police

St. Cloud 27-year-old ID'd as victim of homicide near U of M

The shooting, which also injured two others, occurred Thursday near the 500 block of 15th Avenue South.

Related

Millennials aren't moving – to other places, or out of their parents' home

More 25 to 35-year-olds are living with their parents for longer periods of time.

Hey millennials – you're really good at saving for surprise bills

The fear of getting into credit card debt is encouraging more millennials to save.

Minnesota's a fantastic place for millennials to live, study says

The study says Minnesota's millennials are employed, engaged with their community, and even have their own homes.

How will Target recover from poor sales? More small stores and new brands

After posting disappointing results, Target will embark on a $7 billion investment plan to attract and keep more customers.

The Tip Jar: 4 things millennials should be doing with their money

Just got a job and have no idea how to manage your money? These tips can set you up for the future.

Is the 'American Dream' now a pipe dream for millennials?

Only half of Americans born in 1985 earn more than their parents did at the same age, a study has found.

In $15 an hour debate, 100 restaurants spell out the case for a 'tip credit'

Pathway to 15 says not including a 'tip credit' in the city's new minimum wage would be a devastating blow to the restaurant industry.

'Hipster' millennials expected to boost holiday sales, here's how much they'll spend

Millennials are expected to splash out this holiday season – what's making them so confident about their spending?