Multigenerational Living = Saving Money
Something that used to be done without hesitation is now again on the rise. According to Grandparents.com, multigenerational households are increasing due to the current economic outlook. In fact, 6.5 million of U.S. households now have grandparents, parents and grandkids all living under the same roof. This is up 1.5 million from the 5 million multigenerational homes in 2000.
The study by the website says that many adult children – 62 percent of the 6.5 million – are the ones moving in with their parents; therefore, helping each generation save some cash by sharing utilities, childcare and other costs that go into running a home.
Out of that 62 percent, financial problems accounted for 50 percent of those decisions. Can it be tough having that many generations under one roof? Of course, but those grandparents surveyed are loving having their children and grandchildren together and many of them are more financially stable.
Grandparents control more than three quarters of the nation’s wealth, according to the site. And many have paid off a mortgage and may have taken a smaller hit from the stock market problems.
The Grandparent Economy, another study done by Grandparents.com, shows that the grandparents out there are spending $32 billion on their grandkid’s educations, $11 billion in clothes for them, another $6 billion on toys and about $700 million on those pesky diapers.
Three in 10 Americans are grandparents which is higher than it’s been in the past. The website says that by next year half of all grandparents will be Baby Boomers and by 2015, grandparents will account for 60 percent of those Boomers.
The website offers several tips on how to survive in a home with that many generations – something that wasn’t so out of the ordinary many decades ago. Those tips include: making enough room, setting rules, etc.
So don’t look at living with the grandparents, parents and grandkids as a difficult experience, but one that can save you money and bring you closer together.