www.insideHALTON.com | OAKVILLE BEAVER | Thursday, August 27, 2015 | 16 M Millennials should consider moving back home home ownership. Millennials are aged 15-35 and for many, there is no logical way to live on their own while reducing their debt. The numbers just don't add up. This generation faces signi cant nancial hurdles. To clear these hurdles, they must do things differently. The initial reaction of their parents might illennials should consider moving back home and living with their parents. This could be the only way this generation will solve its two main problems. The rst problem is the growing amount of student debt. The second problem is the high cost of housing: both rental accommodation and Dollars & Sense Guest Contributor Peter Watson HEARING AID SPECIAL *Some Conditions Apply (Clients portion) Up to 3 Year Service Warranty HOME VISITS AVAILABLE $295 Latest Technology 60 DAY GUARANTEE: FREE Hearing test · Age 55+ www.hearingclinicgroup.com Hopedale Hearing Clinic 905-827-7333 In Hopedale Mall, next to the CIBC 1515 Rebecca Street, Unit 38, Oakville be that moving back home is an avoidance of assuming adult life. Sounds good in theory but in reality the world has changed. During the time their parents entered young adulthood, large student loans were uncommon and housing costs were much more affordable. Plus, their parents' job opportunities were stronger. The cost of a post-secondary education has escalated and many students stay in school longer. One degree used to be a bonus decades ago; however, now, many students strive to complete at least two degrees. According to a 2011 Statistics Canada census, 25 per cent of young adults between the ages of 25-29 live at home. That has doubled since 1981. For many, the term "boomerang generation" was derogatory as if children did not have the ability to leave the nest. If a child is attempting to manage their nances prudently, they should be commended for living at home if that improves their nances. Returning home can be a sacri ce for a young adult after living on their own while away at school. It is an adjustment for all concerned to once again live under one roof. Although living under one roof with parents can have signi cant nancial bene ts for the child, there are added costs to running the household. Can the parent afford to absorb these costs or should the child contribute? That is a nancial discussion that can occur between the parents and child. One option is the child contributes to the household expenses. This would be better nancially for the parents to have the child at home. Even while contributing to household expenses, it is less expensive for the child than having their own place. All people, young and old, have their own nancial objectives and priorities. A large part of our disposable income is set aside for housing. Understanding the nancial implications of shared accommodations is a good rst step to setting up a strong nancial structure. We encourage members of the millennium generation and their parents to discuss the pros and cons of living under one roof. -- Submitted by Peter Watson, MBA, CFP , R.F .P ., CIM, FCSI., Certi ed Financial Planner Our Services Earn Credit from Physiotherapy ., volunteers needed ., As an event run entirely by volunteers, Canada's Largest Ribfest is recruiting for 2015. This is your chance to contribute to an event that gives back to your community! Sign up online by visiting CanadasLargestRibfest.com A Fundraising Initiative of Burlington Lakeshore 20% · Massage · Acupuncture · Reflexology · Chinese Massage · Fertility Acupuncture · Physiotherapy · · · · 1395 Abbeywood Drive, Unit 14, Oakville Open 7 days a week # in Patios & Driveways! 1 J.M.C Concrete Interlocking LIKE US ON LTD · Free Estimates · 24 Hour Service Volunteer sponsor 20th Anniversar y Labour Day Weekend, Sept., 3-7, Spencer Smith Park, Burlington CanadasLargestRibfest.com · stamped concrete · interlocking · exposed aggregate · flagstone · french curbs · retaining walls · garage floors · free estimates www.jmcconcrete.ca 905-878-8595 Ask for John