Family units benefitting from ‘boomerang generation’

Family units benefitting from ‘boomerang generation’

The re-joining of the ‘family unit’ is mutually beneficial, with multi-generational households forming new improved relationships with each other, according to research from First Direct.

The term ‘boomerang generation’ is increasingly commonplace as one quarter of young adults aged 20-34 find themselves moving back into the parental home, often with negative connotations and stereotypes of financial support, sacrifice, and even embarrassment.

A shift towards longer-term relationships and marriage later in life means 77% of boomerang households are made up of parents and single children (41% male and 36% female) who cannot afford to live elsewhere or would struggle to save a deposit without the support of their parents (39%). For others, the family home has provided a much-needed life line after a bad breakup (21%) or graduation (16%).
 
The study confirms many families struggle to readjust now the children are adults and the need to respect one another’s boundaries and expectations has shifted.


However, one in five parents said the company and friendship of their child was the best part of having them home, with 15% admitting their social life had even improved as a result.

Overall, a higher proportion of both children (40%) and parents (37%) confess the experience has actually improved their relationship and friendship (as opposed to 22% of children and 14% of parents who said it’s had a negative impact).
 
With only 18% of boomerangers contributing to their parents rent/mortgage, many parents end up out of pocket when grown up children return home. Even though average monthly outgoings increase by £133.20 (equating to £1,598.40 every year), over half of parents (55%) say they take the financial hit as they know their children are contributing all they’re able, and 45% say it makes them feel happier doing so.
 
Tracy Garrad, CEO of First Direct, commented:
“With both parties having lived independently, often for several years, our research suggests the biggest challenge for boomerang households is readapting after becoming accustomed to more privacy, space and established routines.

“Parents may also lose out financially, but it seems this is a trade-off most are willing to accept as it means they’re helping their children to get back on their feet financially.”

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton 01 Sep 2017

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

It depends on the people, some older adults decide to make a long-distance move in order to live closer to their children or settle in a place with a lower cost of living.

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IrisJ. 19 Jul 2017

Great advice, but may I also add that when buying an already built home, make sure you do all of the proper inspections. Most importantly pest inspection because people tend to get surprised when they

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IrisJ.
IrisJ. 17 Jul 2017

The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits...

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