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Young Greeks Are Moving Back in With their Parents

young-greeksBloomberg news agency published an article describing the struggle and the difficult situation that young Greeks are facing at the moment, due to the economic crisis, based on statistics provided by Eurostat. According to the agency, more and more young people in Greece are forced to move back in with their parents, they are not employed and they don’t have any children.
Reporters Flavia Krause-Jackson and Giovanni Salzano noted that “moving out of the house you grew up in is a rite of passage. Moving back in with your parents is a cry for help. In Greece, it’s come to just that.”
The number of young Greeks who are not in a financial position to live on their own has skyrocketed since 2010, when the Mediterranean countries were hit by the crisis. In fact, the percentage of people between the age of 18 and 34 who are still living with their parents has risen to 63.5%, according to Eurostat’s data, while a little over 50% of people aged 25-34 have not yet been able to make it on their own.
“The only country that can hold a torch to Greece is Italy, where it’s a cliché how much kids love their mothers. Yet the reasons why so many adult children live with their parents is very much grounded in hard economic facts,” noted Bloomberg.
Two main factors have played a significant role in this increase. First of all there are zero job prospects in Greece at the moment. More than 50% of young people under 25 are unemployed in Greece, therefore it is only logical that they live with their parents, in order to sustain themselves.
Furthermore, “people in Greece just aren’t making babies. And who can blame them? Raising a family is expensive. What that means is that the population just keeps getting older, which leaves a shrinking workforce bearing the brunt of higher pension costs as more people retire.”

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