‘Boomerang’ kids saving £120 a week

kids back at home

kids back at homeAn increasing number of children are returning to live with their parents after university due to the financial hardships of living in the real world.

Offspring who go back to the family home end up staying there for an average of three years, according to a survey carried out by Opinion Matters, on behalf of the Aviva insurance group.

A quarter stay for five years, while one in 12 hang around for more than 10.

The findings will come as a wake-up call to parents, with many mums and dads only viewing the arrangement as a stopgap measure to allow their children to find their feet.

However, the average grown-up son or daughter who returns home around the age of 23 does not leave until they are 26.

Better off

"The main driver behind intergenerational living is money," the report said.

More than half - 57 per cent - say they made this choice as they could not afford a home of their own, while a third said it allowed them to save for a home of their own.

'Boomerang' children are likely to be almost £120 a week better off than if they had their own accommodation, where they would have to shell out for a mortgage or rent, as well as bills and council tax.

The current lack of jobs, coupled with the debt that graduates leave university with, makes entering the 'grown-up' world a tough task. And the situation is only going to get harder due the rise in the limit universities can set for tuition fees, to £9,000.

Boomerang generation

As of this summer, the scale of the boomerang generation is estimated to stand at over three million young people - two million men and more than a million women - according to data from the Office for National Statistics.

But despite benefiting from a vast array of home comforts some children, and especially girls, do not like the restrictions of living with their parents when they are adults.

Nearly a quarter of adult women who live in their parents' home said they 'feel like a child'.

However, men are more relaxed about the situation, with only one in 10 saying they feel infantilised by sharing a house with the generation above.