About three million parents still have their grown-up children living with them at home, a report revealed today.
The survey shows the average age of the children, dubbed ‘failed fledglings’, is 27 – although some are in their forties.
It highlights the nightmare facing a generation of young adults, who cannot afford to rent a place of their own or buy property.
About three million parents over the age of 50 have adult children living with them, a survey has found
But the report from Saga, the old age experts, also raised fears about the pressure on millions of parents who never thought their children would still be living at home.
Many complain they are having to raid their savings due to the unexpected expense of paying for their children when they assumed they would be financially independent.
And more than half of the failed fledglings had briefly moved out at one point before deciding to return to their childhood home.
Typically, they came back after graduating from university, splitting up with a partner or when they need to save for a deposit.
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The report was based on a poll of nearly 10,500 parents over the age of 50.
It found the number of ‘failed fledglings’ is highest in London, where 19 per cent still have grown-up children living at home.
The pressure on grown-up children, who cannot afford to buy, is made worse by the fact that the cost of renting is close to a record highHowever this dropped to 12 per cent in the South West and East Midlands – the lowest regional scores.
The survey comes as the average asking price in the capital has gone over £500,000 for the first time.
With an average full-time salary of around £26,500, this means only the rich and the very well-paid can afford to buy in the capital, unless they are given money by their parents.
The pressure on the grown-up children, many of whom are desperate not to live with their parents, is made worse by the fact that the cost of renting is close to a record high.
The average rent in England and Wales has jumped to £736 a month – a rise of 3.9 per cent over the last year.
But workers have seen average pay rises of just 0.8 per cent.
Roger Ramsden, chief executive of Saga Services, the financial services division of Saga, said: ‘With so many children choosing to stay at home longer, it just proves that a parent’s work is never quite done.
'They will foot the bill for far longer than they originally expected to.’
Official figures show the number of grown-up children living at home, who are also known as the ‘boomerang generation’, has jumped by 20 per cent since 1997.
The Office for National Statistics estimates 1.8million men and 1.1million women between the age of 20 and 34 are living with their parents.
It singled out the increase in property prices as one of the main reasons why more and more children are moving back home.
The Department for Business has published a 16-page booklet, called the Parent Motivators. The guide is aimed at helping parents with graduates living at home.
It includes tips about how to get rid of children who you would prefer to have moved out.
It says being ‘too supportive’ is a mistake. ‘Sometimes, it really is necessary to show tough love. If you are making life too comfortable at home, why would they get a job?
The grown-up children return home after graduating from university, splitting up with a partner or when they needed to save for a deposit‘If you are providing free board and lodgings, a well-stocked fridge, washing and ironing done, plus an allowance, there’s not much drive there. So cut back to help increase their motivation.’
Duncan Stott, from the first-time buyer campaign group Priced Out, said: ‘Living with your parents is an obvious way to avoid sky-high rents, but it is a big sacrifice in terms of independently getting on with your adult life.
‘We would not be forced into making these decisions if the UK’s housing market was not still so severely unaffordable.’
AROUND THE UK: CHILDREN FLYING BACK TO THE NESTLondon
19 per cent of parents over 50 have grown-up children at home
Wales
17 per cent
North West
17 per cent
North East
17 per cent
Yorkshire and Humber
15 per cent
Scotland
15 per cent
East Anglia
14 per cent
South East
14 per cent
South West
12 per cent
East Midlands
12 per cent
