Irish Wedding News
03/10/2014
In many of these cases, the children are also living in the family home rent free, or do not contribute to the household bills.
For those in that situation, an adult child at home is said to cost their parents an average of £3,750 a year.
The research, by insurance firm MetLife, comes at a time when many families are having to deal with 'boomerang children'.
Official figures have previously said there are around three million people, in their 20s and 30s, who still live with their parents. While some have never left the home, while others have been found to have returned from university and prefer to live with their parents which is cheaper, rather than face the more expensive option of buying their own home or renting a property somewhere.
Official estimates say there are well over three million young people in their 20s and 30s who still live with their parents, and that one in five young men are still in the old family home at the age of 28. Many have returned from university and prefer to live cheaply with their parents than face the daunting costs of renting or buying their own home.
Elsewhere, the poll, carried out for the firm by Consumer Intelligence, found that of those surveyed, one in 10 parents – over the age of 50 – allow their adult children to stay at home without making any contribution to rent or household bills. They also account for more than four in 10 couples who have 'boomerang children'.
Of those children who do offer to help out their parents, they pay an average of £51 a week towards the bills.
In other cases, parents quite often end up lending money to their children, with many reluctant to do so. Interestingly, 34% of parents were found to lend money to their first child; however, just 25% gave loans to their second child, while 20% gave to their third child.
Commenting on the findings, Dominic Grinstead, Director of MetLife, said: "Helping out family is a powerful motivation for parents and it is understandable that many over-50s are happy to allow adult children to live at home for free.
"The financial pressures on young adults from the need to save for a house deposit while finding a job and in many cases paying off university debts make it almost inevitable that millions of young adults have to live in their family home.
"But parents need to think carefully about how they combine helping family with ensuring they are maximising their own retirement saving."
(JP/IT)
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Quarter Of Middle-Aged Parents Have Adult Children Living At Home
A new survey has found a quarter of parents over the age of 50 still have adult children living at home.In many of these cases, the children are also living in the family home rent free, or do not contribute to the household bills.
For those in that situation, an adult child at home is said to cost their parents an average of £3,750 a year.
The research, by insurance firm MetLife, comes at a time when many families are having to deal with 'boomerang children'.
Official figures have previously said there are around three million people, in their 20s and 30s, who still live with their parents. While some have never left the home, while others have been found to have returned from university and prefer to live with their parents which is cheaper, rather than face the more expensive option of buying their own home or renting a property somewhere.
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Official estimates say there are well over three million young people in their 20s and 30s who still live with their parents, and that one in five young men are still in the old family home at the age of 28. Many have returned from university and prefer to live cheaply with their parents than face the daunting costs of renting or buying their own home.
Elsewhere, the poll, carried out for the firm by Consumer Intelligence, found that of those surveyed, one in 10 parents – over the age of 50 – allow their adult children to stay at home without making any contribution to rent or household bills. They also account for more than four in 10 couples who have 'boomerang children'.
Of those children who do offer to help out their parents, they pay an average of £51 a week towards the bills.
In other cases, parents quite often end up lending money to their children, with many reluctant to do so. Interestingly, 34% of parents were found to lend money to their first child; however, just 25% gave loans to their second child, while 20% gave to their third child.
Commenting on the findings, Dominic Grinstead, Director of MetLife, said: "Helping out family is a powerful motivation for parents and it is understandable that many over-50s are happy to allow adult children to live at home for free.
"The financial pressures on young adults from the need to save for a house deposit while finding a job and in many cases paying off university debts make it almost inevitable that millions of young adults have to live in their family home.
"But parents need to think carefully about how they combine helping family with ensuring they are maximising their own retirement saving."
(JP/IT)
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Lydia Bright Gets Candid About Giving Birth
Lana Del Ray Splits From Boyfriend
Angelica Ross Learns Of Boyfriend's Secret Life
Ashley Graham's Breastfeeding Struggle
Susanna Reid's Mother's Day Plans
Lin-Manuel Miranda Homeschooling Kids
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