Now in its third year, Thrivent's 2024 Boomerang Kids Survey reveals nearly half the parents surveyed (46%) have had their adult children "boomerang" back home to live with them at some point. Fifty percent of them blame the rising cost of rent and housing. That's a big jump from just 35% who said the same last year.

Other data shows the breadth of consequences – from delaying milestones to jeopardizing their financial futures:

• Drowning in debt: Many young adults are delaying financial priorities because of student loan debt, like buying a home (39%), saving for retirement (34%) or building emergency savings (36%). Additionally, 28% of young adults with student loans say they're currently living paycheck to paycheck, and only 22% say their first job helped them pay down their debt.
  
  
• Parents feel the pinch: With adult children living at home, parents deprioritize their own financial needs. For example, 38% say they are struggling to pay off debt (up from 23% from last year) and 37% find it harder to save for long-term goals like retirement or housing, a considerable jump from 16% last year.
  
  
• Not making the grade: Among parents who have an adult child currently living with them, more than half don't feel confident their child is ready to be financially independent: 55% would give their kid a C grade or lower on financial readiness and 11% would give an F.
  
  
• One solution could be more education before taking on debt. An overwhelming majority of both parents and young adults surveyed (83%) believe high schools should teach a mandatory 'financial aid 101' course.

Thrivent's survey data points to the importance of having a financial plan. Without one, it's hard for parents to know how much they can afford to help their child. A financial advisor can help parents create a plan that looks at everything they earn and spend. This way, they can see how helping their child now might affect their ability to save for things like retirement or healthcare in the future.

Here are additional tips from Thrivent to help parents navigate the situation and get on track financially:

1. Set clear rules and stick to them – Parents should make sure their child knows the limits to their support. They can do this by having an honest conversation and developing a written plan that covers: 1) how long they'll provide financial support, 2) what the money should be used for, 3) who pays for what, and 4) how their child will prove they're making progress financially.
   
   
2. Teach good money habits – While their child is at home, parents can teach them how to budget and manage money wisely, set achievable financial goals, build an emergency savings fund and borrow money responsibly. These evergreen financial lessons can set the stage for long-term independence.
   
   
3. Be a role model – Leading by example is a powerful way for parents to teach their children about managing money. Parents should involve their children in financial planning conversations and explain the 'why' behind their decisions. This will help their kids do the same once they start handling their own finances.