Problem:
Nearly 29% of young adults ages 25 to 34 lived at home during recent years, according to a 2011 Pew Research study. Four primary causes of this include: economic stress and the lack of jobs; Millenials' satisfaction with these arrangements; Millenial family ties; and, parental expectations.
Solution:
relaunch is an online savings reward program designed to help young adults living with their parents learn how to manage their finances and built nest eggs so they can move out. Each month, the grown child makes deposits into two accounts for future savings and to assist with household expenses.
Test Results:
Lake Trust Credit Union is currently piloting the web-based program with seven member families.Â