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FBN’s Gerri Willis on the economic challenges forcing many adult children to move home with their parents.
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Remember how parents worried a few generations ago about the -- -- nest syndrome.
Parents today have a much deeper problem needy adult children many of whom -- won't or can't leave the nest.
A new study by the national endowment for financial education shows nearly six in ten parents are providing financial support to their adult children.
And we're not talking about kids you're eighteen or nineteen year old we're talking about a study of children eighteen to 39 years of age in other words adults.
Half of those parents provide housing -- nearly half provide some kind of living expenses.
40% hand over money for transportation costs a third pay for insurance in nearly three and ten parents give their kids get this spending money.
According to this survey parents are making major sacrifices as well a quarter taking out additional debt.
13% put off major events like home buying her vacations.
And 7% of these parents have put up their own retirement.
To help pay for their adult kids.
Now most cases this is not just about kids are young adults being lazy -- at home playing video games while mom and dad work for everything.
Most of these kids feel like they have no other option to but to get help from their parents.
Two thirds say they are worse off financially as a generation and their parents work and a third of their parents agree.
The national unemployment rate is 9% -- for those in their early twenties more than 14% or without a job in the late twenties it's over 10%.
Another concern for recent grads dead on student loans -- it is at an all time high.
The average four year college student knows about 24000 dollars after school.
Back in 1993 it was only 121000 dollars.
Now while the jobless recovery is destined to hurt this age group the most there are some things you can do to boost your chances of -- post graduate job.
Their town's website that they're offering -- one of the most common tips begin your job search early should wait till the end of your senior year to start your search don't do that.
As soon as you come up with a career -- -- going after it while may be years before your graduation day starting early we'll get you in the right direction.
And my -- foot in the door -- well.
-- street heard the cliche it's not what you know but who you know.
It's a -- -- saying for a reason and now social media is a great way to build on those connections in not it's not just a great way to look at your friends photos.
Be persistent patient don't take breaks from your job search make -- a daily retain.
But you don't have sent out twenty applications each -- to make sure your letters or personal and job appropriate.
And you know what it's not about quantity it's about the quality of your connection with a particular employer.
Look big companies don't even look at individual resonates sometimes -- just -- them with a computer program so the trick is.
Use words from the job description to beat the system in your letter to get your foot in the door and you can talk to an actual human being.
And finally don't get discouraged the fact that you're unemployed is unfortunately a common thing these days hopefully jobs will once again become a major priority in Washington.
And yet adults can get the attention they need.
