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A Goodwill thrift store in Denver.
John Moore/Getty Images
Younger adult generations won't take their aging parents' stuff, The New York Times reports.
Some of these parents are paying thousands of dollars for professional help downsizing.
The resistance among grown children could be financial — or ideological.
No one wants the family china.
2017-08-21
At least not the generations set to inherit it.
Tom Verde writes in The New York Times that millennials and Gen Xers are uniquely resistant to the influx of furniture, kitchenware, and general stuff that comes with their parents' downsizing.
They can't even donate it.
"We are definitely getting overrun with furniture and about 20% more donations of everything than in previous years," Michael Frohm, the chief operating officer of Goodwill of Greater Washington, told The Times.
An entire industry has sprung up around figuring out where the stuff will go. Professional move managers help seniors downsize and dispose of the belongings their grown children won't take, charging about $50 to $150. The full cost of the service, which may include an estate sale, can reach $5,000 or more, The Times reports.
It's not all that surprising when you think about it. For one thing, younger generations might not have the space to store table service for 12. The average age of homeownership has been pushed back, and the number of millennials who own homes is at a record low.
Experts say it's partly economic — 20- and 30-somethings buckling under student-loan debt and having trouble securing work right out of school don't have the disposable income for many of the traditional life markers, like buying a home or getting married — but these grown kids may also have different value systems.
Consider some of the movements of the past few years:
Minimalism and capsule wardrobes. Marie Kondo famously jettisoned everything that didn't "spark joy" in her best-selling book, "The Life-Changing Magic of Tidying Up." And one of the hottest trends in the fashion blogosphere in the past few years is the capsule wardrobe, in which you wear only a fraction of the clothes you own, ultimately aiming to isolate those you no longer need.
Renting everything. Many younger adults see the appeal of renting everything, including homes, phones, clothes, and cars. And companies are happy to help them do it.
Experiences over things. Psychological research has repeatedly found that spending money on experiences rather than tangible things makes people happier, an ethos embraced by 20- and 30-somethings, some of whom even cast aside traditional jobs and lifestyles to travel the world for years at a time.
Libby Kane was a personal finance expert who has reported and edited stories about money for more than 10 years. She previously held the Certified Financial Education Instructor (CFEI) certification issued by the National Financial Educators Council.Experience She has written and edited articles on everything from investing tips to model budgets and has interviewed dozens of authors, financial planners, and early retirees to share their advice, experiences, and insights with a global audience. Before joining Business Insider in 2014, she was an associate editor at LearnVest, a personal finance site to help women learn about money. Her work has appeared on sites such as MSN, AOL, Forbes, Slate, and The Street.Her team at Business Insider has tackled projects including:• Women of Means, a series about women taking control of their finances• Inside the Racial Wealth Gap, an exploration of the causes, effects, and potential solutions of the racial wealth gap in the US (finalist, Drum Award, "Editorial Campaign of the Year," 2021)• Strings Attached, a series of essays from people who have left insulated communities and how that journey affected their relationship with money• Master Your Money, a year-long guide for millennials on how to take control of their finances (first runner up, Drum Award, "Best Use of Social Media," 2022)• The Road to Home, a comprehensive guide to buying your first house (silver award winner, National Association of Real Estate Editors, "Best Multi-Platform Package or Series – Real Estate," 2022)Libby believes in one universal truth about money: Advice is never for everyone. The best strategies, tools, and products depend on your preferences, financial situation, history with money, and goals.ExpertiseHer expertise includes:• Behavioral finance• Early retirement• Budgeting• Saving moneyEducationLibby holds a bachelor's degree from Wellesley College.Outside of personal finance, Libby enjoys reading, baking, and walking her dog.