One in four Britons between the ages of 18 and 29 live with their parents, and I’m one of them.
We’re called the boomerang generation, the clipped winged, failed fledglings, and KIPPERS (kids in parents’ pockets eroding retirement savings). If you were to believe everything you read in the papers, you could be forgiven for thinking that we’re nothing but lazy scroungers sponging off our parents’ savings.
But while the media scowls at our inability to fly the nest (or desperation to crawl back after a stint in ‘the real world’) it’s worth noting that there are so many reasons why an increasing number of adults are moving back into their parents’ home.
High rents
The average cost of renting a home in the UK is £862 a month across the UK and £1,412 a month in London alone. With such high rents to consider each month, wannabe homeowners across the country are finding it more and more difficult to save money for a deposit.
Unemployment
Although 75% of ‘failed fledglings’ have jobs, thousands of other adults have no choice but to move in with their parents due to unemployment.
According to housing charity, Shelter, 17% of adults living with their parents are unemployed or inactive while 8% are full-time students who are not working.
Luckily, the employment rate is climbing, but most of the jobs are part-time, low-skilled and often poorly paid.
University debts
Most of those who go to university dream of getting a well-paid career as soon as they graduate. But in reality, many reach the end of their course and struggle to find a job.
In fact, in 2013, 8% of graduates were unemployed 6 months after graduating.
47% of graduates find themselves in non-graduate jobs.
The average salary for those working full-time is just £21,000.
Of course, many graduates that leave university earn much less than this. Some are forced to work for free in unpaid internships in order to gain work experience, despite having already studied to degree level.
With new graduates entering the working world with up to £50,000 in debt, many will still be paying the money back well into their 40s and even 50s. Such a large long term debt can make it difficult to pay living costs, save for the future, and in some cases, even secure a mortgage.
Saving for a deposit
Shelter conducted some research to find out how long it would take renters to save for a deposit. They found that:
- Childless couples in England could face a seven year saving stint
- Childless couples in London are likely to need 13 years
- Single people in England will probably have to save for 13 years
- Single people in London need a ridiculous 29 years
- Young families in England have to save for 12 years
- Young families in London need 26 years
Looking at such shocking statistics, it may seem like home ownership is simply not worth it. But despite rising house prices, the average tenant in a three-bedroom house could save £1,300 a year if they bought the property instead of renting it.
With all things considered, it’s no wonder that those who are able to live with their parents choose to do so.
The pressure on mum and dad
Living with mum and dad can have its downsides. 52% of adults living with their parents say that it prevents them from living fully independent lives. But they’re not the only ones that are suffering. Parents can have a hard time of it too.
Not only is their space invaded by their adult kids, they can find themselves having to dip into their pension pots so that they can afford to support their offspring.
Living in the family home may be the cheapest option for young adults, but parents are having to pay an extra £3,700 a year to feed and accommodate their adult children.
Although the reasons for moving back home are diverse, it’s clear that many of us are falling victim to a country that is plagued with house prices that increase faster than the average wage. Due to unrealistic property prices, unreasonable rents, and poor wage growth, surely it comes as no surprise that so many of us are living with mum and dad.
Photo Credits: Jenni Waterloo, Chris Devers, Steve Snodgrass
