Some financial experts say we’ve got it all wrong .. In times of sky-high tuition and soaring housing costs, experts argue the group known as Generation Screwed can help unscrew themselves by moving home to pay off debt.
“For these graduates, the biggest financial advantage they have is living at home and taking the rent part off of the table,” argues Christine Romans, chief business correspondent for CNN in New York.
It’s all nonsense, according to Romans. “If they move out, they don’t have the money to move the economy forward anyway,” she argues.
She argues it’s better for the economy and for debt-plagued millennials if they move home and save up. She says, typically, new grads don’t have the cash to invest and are working low-paying jobs because they haven’t launched their careers yet. So, “the only lever they have is the housing lever. It’s the only thing they really have to move forward.”
Did you have to move back in with your folks? Do you see anything wrong with your kids moving back home to save money?
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