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The Boomerang Generation
February 4, 2009 - Nikki Younk
We’ve all heard of the Baby Boomers and Generation X, but who’s heard of the Boomerang Generation?
It’s a term I’ve only recently become acquainted with. People in this generation were born between the mid-1970s and the late 1980s and have been hit hard by the week economy of the 2000s. The generation gets its name from the fact that many of these people went to college or held a job, but have returned to live with their parents, or “boomeranged” back to their roots.
Some critics have referred to this phenomenon in a negative light, calling members of the boomerang generation slackers and spoiled. If allowed to continue feeding off of their parents, these adults will never learn independence, some say.
I think these critics are completely missing the point. Take a look at the economy. Take a look at the housing market. Take a look at student loan payments. In today’s economy, young adults just starting off on their own can’t afford to be financially independent.
I’ll use myself as an example. I went to an excellent four-year university from 2003 to 2007, racked up tons of student loan debt, and was unable to find a job after graduation. So, I came back home to Norway with about $40 to my name.
Even now that I have a good job, I still can’t afford rent or a security deposit for an apartment.
I’ve noticed that a lot of other people in my age group are also having the same problem. Out of all of my college friends with whom I stay in touch with, the vast majority have returned home to live with their parents.
Maybe the trend will change once the economy jumps back up, but we’ll have to wait and see.
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