An Estimated 55,000 Young Adult Men and Women in Houston Live With Mom and Dad
HOUSTON, TX--(Marketwired - Jun 6, 2016) - Houston Police Federal Credit Union (https://hpfcu.org), a non-profit organization that manages the financial resources of active and retired Houston Police Officers, Houston Police Department Civilian Employees and their families, has some helpful recommendations for Houstonians opening their doors to sons and daughters who have recently graduated from college. They are called "boomerang children," and they are more common than ever.
According to the most recent data from the U.S. Census Bureau, the percentage of adults between the ages of 25 and 34 living with their parents hit a historic high of 15 percent in 2015. In the city of Houston alone, that would total nearly 55,000 boomerangs, which means tens of thousands of Houston families are coping with the emotional and financial stress that comes with having an adult child return home.
"It can be a challenge for young adults to gain their financial footing, especially considering that nearly 60 percent of Texas graduates carry student loan debt averaging more than $26,000," said Darlene Davis, Vice President of Member Services with Houston Police Federal Credit Union. "When graduates and other young adults return home, the arrangements can cause feelings of shame, frustration and guilt. Having a game plan is essential."
Houston Police Federal Credit Union offers the following recommendations:
An essential step in helping new graduates achieve financial independence is to open a checking and/or savings account. To get that process started, Houston Police Federal Credit Union is currently offering a free selfie stick when a child or other family member of a Credit Union member signs up for membership (offer expires July 31, 2016). The one-time membership fee is $0.25 and a minimum deposit can be as little as a $5.
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About Houston Police Federal Credit Union
Houston Police Federal Credit Union was established in 1937 as a non-profit organization to serve Houston's Finest -- the men and women in the City of Houston law enforcement profession, and their families -- with a commitment to the needs of members and prudent management of their financial resources. Today, Houston Police Federal Credit Union is a major financial institution with over $611 million in assets and over 25,000 members. We have 3 convenient office locations along with over 110 free ATMs in Houston and the surrounding areas. Learn more at www.hpfcu.org.
Contact Information:
Contact:
Mitzy Plumb
713.986.0200 x 211