Modern students are staying put
Moving out has almost become synonymous with the college experience. A time for young adults to finally get a taste of “the real world.”
It has been the precedent set by our parents and is a central plotline in just about every cheesy coming-of-age college movie, ever.
So, you would expect that students would be moving out as soon as possible, right?
Well actually – as more and more studies are showing – probably not.
More students in 2012 are choosing to live at home longer to accommodate their schooling than ever before.
A report from Statistics Canada last year showed that 51 per cent of people between the ages of 20 and 29 still lived with their parents. To put that into perspective, the numbers in the 1980s and 90s peaked at roughly 30 per cent.
So what does this mean? Is our generation really the “Go Nowhere” generation? Are we really so wrong by choosing to stay at home?
The reality is, like it or not, it’s probably a good idea.
Living at home drastically cuts down on expenses, allowing students to actually have some money, rather than struggle to make ends meet.
Whereas living at home was “uncool” a few decades ago, it has now become somewhat financially savvy.
So what’s the difference between now and then? What changed?
People born into Generation X (between the late 60s to mid 80s) were born at a very important time. It was commonplace for most baby-boomers to move out as soon as they could – because, really, all the circumstances were right to do so.
At the time, there was an abundance of work, less education needed to attain employment, and a lower cost of living – according to Businessweek, incomes rose higher than consumer prices in the 80s. The generations before us actively tried to leave home as soon as possible. But that’s because they could.
Not so much anymore.
Nowadays, housing prices are absurd, gas is steadily increasing, and the average Albertan tuition rate has risen 275 per cent in a period of only five years in the 90s, according to Statistics Canada.
Add to the equation monthly bills for expenses that didn’t even exist decades ago – internet, cell phone data plans, etc. – and modern-day students have enough potential financial issues as it is.
Living with parents often provides a student with the opportunity to save their money and get their finances in order for their responsible adult life, which is something a lot of students realize now.
If more students are living at home, that means there are more parents realizing that too.