Credit Counselling Society

September 27, 2007 14:41 ET

More Young Adults Choose To Live At Home

The rising costs of living and post secondary education impact families

Attention: Assignment Editor, Business/Financial Editor, Education Editor, Lifestyle Editor, News Editor NEW WESTMINSTER, BRITISH COLUMBIA, PSA--(Marketwire - Sept. 27, 2007) - According to the 2006 Canadian Census, 43.5% of the 4 million young adults aged 20 to 29 live in the parental home, up 30% from 20 years ago. The increased cost of living, including housing and education may be a contributing factor in the decision for young people to remain in the family home longer.

For many young people the choice to remain at home while attending college or university is the only practical option. However, even while living at home there are many expenses. Julie Jaggernath, Director of Education for the Credit Counselling Society, the non-profit debt solutions service, provides workshops at several local campuses to help parents and students adapt to school life. "At the beginning of the school year, parents and students are a bit shell shocked by the financial demands. Transportation to and from school, text books, supplies and fees for special projects; not to mention, for some, the looming reminder of student loan payments upon graduation." Notes Jaggernath, "Living costs can add up and so can debt if there is no savings or funding in place to cover expenses while studying."

Planning ahead can help cover the cost of school and other expenses over the duration. By looking at a few different options, families can reduce costs and generate some funds to help with living costs as well as educations costs. Planning to work part-time can help cut student debt in half. Having a budget helps distinguish between needs and wants, especially as children and parents alike, adjust to post secondary realities. Managing money responsibly and using credit wisely will reduce unnecessary debt for parents and children.

About the Credit Counselling Society
The Credit Counselling Society is a non-profit organization dedicated to helping individuals and families find solutions to their debt and money problems. They provide free credit counselling and confidential guidance for debt repayment and credit education to consumers across Western Canada. For more information, money management tips or to attend a public workshop, visit www.NoMoreDebts.org or call 1.888.527.8999.
/For further information: http://www.statcan.ca/Daily/English/070912/d070912a.htm
/ IN: ECONOMY, EDUCATION, SOCIAL

Contact Information

  • Scott Hannah, Credit Counselling Society
    Primary Phone: 604-636-0211
    Secondary Phone: 604-527-8999
    Toll-Free: 888-527-8999
    E-mail: scott@nomoredebts.org