Where will Your Kids be Living when You’re 65?

There’s nothing better than family, right? That’s what many of us believe. But what about when it comes to living with that family? And more specifically, living with our children? Having those children is a goal many of us strive to achieve in our single years. And it’s a choice we’re all very happy with during our working years when our children are small. But what about when they grow up? After they’ve graduated high school and are now responsible adults in their own rite? Sure, there’s probably still nothing better than them in our lives. But do you really want them living with you at that stage?
Most of us don’t, according to the newest HSBC survey which was released earlier in the week, and shows that only a small percentage of us actually want to live with our kids when we’re going into our retirement years – and the percentage is small, with only 4% of Canadians wanting to actually live with their children during the retirement years. That small number, according to the report, shows that those in Canada are “the least keen globally on this course of action.” And we aren’t keen. Not when you compare the 14% of Brazilians that want to live with their children in the their Golden Years; or the 25% of the Chinese population that would like their children to continue living with them later in life. India had one of the highest percentages, with 32% of people saying that their children would remain in their home after they’ve retired.
But China and India are countries that we’d expect to see older children living with their elderly parents, right? After all, these cultures are known for having entire families living under the same roof for as long as they can – grandparents, great-grandparents and all. But is it really just a cultural thing? Not if you look at the United Kingdom, a region that many Canadians feel closely mirrors our own culture. And in the UK, the percentages are even higher than that of India, with 33% of respondents saying that they’ve had to take out a second mortgage on their home in order to afford their older children living with them.
Across the pond they actually have a name for these older kids – YUCKies, which stands for “Young, Unwitting, Costly Kids.” Italians on the other hand, give their older children the name ‘Bamboccioni,’ meaning “Big Babies.” And in Canada? The trend for older kids that continue living with their parents is now growing so rapidly that the group is being called Generation Boomerang. And, considering that 51% of young people in their 20s are still living with their parents, that name might just be very fitting.