A generation of ‘boomerang kids’ – children who leave home and then return again – is forcing parents to go into debt to support their returning offspring.
A new Parents and Cost of Living Report reveals almost half of parents are relying on credit to fund the additional £817 a year it costs to support their over 18s who are still living at home.
The report shows that 28% more children returned home in the past year and many are relying on Mum and Dad to fund food, energy bills, petrol and rent. All that adds up to an additional £68.14p per month on existing household bills.
The number of parents using credit cards to cope with day to day costs has almost doubled with 40% more getting into debt than last year. Others are borrowing money from friends and family and one in ten have taken out a bank loan to cover their increased costs.
The slow job market is blamed for the number of boomerang kids increasing after they graduate, up 25% on last year. One in six are skipping university altogether and rely on their parents while they search for work.
The report also claims that over a third of these adult children have no intention of moving out which means that for many parents there is no end in sight to the additional strain on their household budget.
Concerned parents have resorted to a range of other measures to make up the shortfall in their monthly costs.
Over half say they have switched to buying cheaper brands and also cut down on luxuries when doing their household shopping while others say they are reducing food waste by using leftovers more efficiently.
Buying in bulk and taking advantage of product offers is a regular event for 40% of those questioned and 30% said they had made sacrifices in their social lives.
Top Tips for stretching the budget:
- Buy less food/cheaper brand
- Cut down on new clothes
- Buy in bulk/special offers
- Cut down on eating out/socialising
- Use voucher code site for special offers
- Waste less food/use your leftovers
- Make packed lunches
- Only use the heating when it’s really cold