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Kippers In Pitt Meadows Delaying Parents’ Retirement
By David Murray: The kind name for those adults still living at home with their parents is kippers – ”kids in parents’ pockets eroding retirement savings”.
One-quarter of people aged 20 to 34 continue to live in the home of their mostly baby boomer parents. More boys stay at home than girls.
Of that 25 per cent, it’s mostly 20 to 30-year-olds living at home. But about 8 per cent of people in their early 30s are yet to leave the nest.
In Pitt Meadows, the average age of kids staying home with their parents is 29.8. This is one of the highest percentages of any town or city in British Columbia.
In fairness the number is a little higher than most because Pitt Meadows is a farming community (85 percent of Pitt Meadows is in the ALR). Inheritance is one of the reasons a lot of kids stay to help on the farm .
Ironically the jobs that the parents are holding on to longer than they want to are the same jobs that would be open to a younger generation if they retired. Hence perhaps helping their own situation.
Housing affordability is a big reason kids are staying home longer. There is not a lot of reasonable rental options in Pitt Meadows. Coupled with the fact that most Generation Y seemed to have inflated expectations of what their reality can provide.
Education is expensive and in Pitt Meadows we do not have a post-secondary institution on this side of the river. Pitt Meadows has the lowest amount of bachelor degrees of any town or city in British Columbia according to the latest Angus Reid poll. This situation about education does not improve because we do not have adequate transportation options for our kids to get to Fraser Valley University, Trinity Western and SFU. This puts added pressure on kids having a car, gas , insurance costs and so on.
We also have one of the highest youth unemployment figures in the Fraser Valley, It is hard or next to impossible to find work that pays a reasonable wage for kids that are staying home in Pitt Meadows aged 20-30.
These are some of the reasons in our community we have such a large group of Generation Y’s staying home longer, these economic facts also see our kids marrying later and delaying childbirth helping to explain the phenomenon.
The average house price is 9.3 times the average national wage, compared with 5.8 times 40 years ago, making it that much tougher for home ownership to happen in the same way it did for Gen Y’s baby-boomer parents.
Having spent many years in their parents’ well-established homes, Generation Y has grown accustomed to a high standard of accommodation and is now demanding well-located housing that is also spacious and affordable.
Many of them are expecting to start their economic life in the manner in which they’ve seen their parents finish theirs.
The biggest risk of kids staying at home is that they become a financial burden. A lot of kids do end up being a drain on their parents for longer than they expected, which affects their own financial independence.
The result is that parents end up working longer than they originally anticipated.
What are some of the things we can do to remedy the situation of kids staying home longer is to charge the kids board and actually take the money so they learn some budgeting skills.
Even if you put the money aside and give it back to them later as a deposit towards their first home, at least the kids have been learning about money along the way.
A lot of people find taking the money a really tough thing to do but it might actually be a kind thing to do in the long run.
The average cost of raising 2.7 children is $724,950 until age 21 and $1,065,000 into their mid-20s, it is fairly safe to assume the costs keep rising the longer they stay at home.