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IPFS News Link • Economy - Recession-Depression

39% Of Younger Millennials Return Home Amid Crushing Recession

•, Tyler Durden

The new survey, commissioned by TD Ameritrade (seen by CNBC), found that out of the 2,000 young millennials surveyed, about 39% are in the process or have already moved back home because of the crushing economic downturn. About 15% of the respondents said they're on financial life-support, with their parents helping to subsidize rent, while another 15% said their parents are covering all rental expenses.

An overwhelming majority (82%) said they don't want to rely on their parents for financial support, but due to the economic downturn, it seems like many have no other choice.

A crushing recession could be the best thing for millennials. Allows them to move home, save money, pay down pesky auto loans, credit card debt, and student loans. So by the time the next economic upswing starts, their debt loads will be low, allowing them more economic mobility.