Recession sees rise of "boomerang generation"

27/08/2009

Tough economic times are creating a "boomerang generation" of grown-ups who are moving back into their parents' homes, according to a new poll.

The study by Saga Home Insurance found that 31 per cent of parents over 50 have welcomed their adult children back into the family home.

Over one in ten of these parents have put up their offspring to help them out of financial difficulties.

Some 26 per cent of recent graduates move back home while they find their feet in the wider world, with 17 per cent staying for over a year - suggesting some parents are making life a bit too comfortable.

Another 17 per cent of parents have taken their sons or daughters in after a divorce or separation.

More than one-quarter (27 per cent) of mums and dads ask their kids to help towards the increase in household costs caused by their moving in, while 16 per cent of children offer to contribute without being asked.

Overall, 78 per cent of parents questioned by Saga said they enjoy having their children back in the family home.

Saga Group executive chairman Andrew Goodsell said: "It is good to see that you can always depend on your parents in times of emotional and economic difficulty."

The Saga Group traces its roots to 1951, when Sidney De Haan launched holidays aimed exclusively at retired people.

Tags; Young Family Finances, Retirement Money Problems, Recent Graduate Debt,

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