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Managing Finances in a Multigenerational Household
Family Finances Matter
As times are changing, multigenerational households are becoming more common in America. Many adults with children of their own are taking on the role of caregiver to their parents, and more young people are moving in with their parents or grandparents after college.
In light of events such as the COVID-19 pandemic, it has created an even more significant influx of multigenerational households. This new influx raises the question, "How can multigenerational households navigate this transition financially?" To help answer this, it’s important to keep in mind the different types of multigenerational households that exist.
For example, one home may have three or more generations living in it, such as older parents, their adult children, and their children (young or adult). Another household might only have two generations living in it. With these different dynamics come different ways to approach the conversation about finances, so to help guide you, here is a list of topics to keep in mind when transitioning to a multigenerational household:
- Start with an open conversation.
- Establish a time frame.
- Discuss how expenses will be handled.
- Establish expectations regarding individual contributions.
Making the switch to a multigenerational household can benefit all of those involved, but before making any official changes, ensure that you have an open and honest conversation with your family about any expectations and the role each family member will play. Doing so can help your family live in harmony and stay organized as you navigate this new living arrangement.
For further information about multigenerational finances access the full article here: https://illinoistreasurer.enrich.org/articles/how-to-successfully-manage-finances-in-a-multigenerational-household
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