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.”

Join our mailing list:

Leave a comment



Latest Comments

brandonlee10
brandonlee10 24 Jul 2017

The financial ramifications of the triggering of Article 50, the starting gun for Britain's departure from the EU, are far from clear. Buyers will be most cautious in London, given that buying a home in...

view article
IrisJ.
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

view article
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...

view article
cornishalan
cornishalan 10 Jul 2017

Added to the cost of purchasing these village properties are the above average maintenance costs. Particularly where the property is a listed building or requires specialist building skills such as thatching...

view article
Jo Mullett
Jo Mullett 07 Jul 2017

Here in Swansea, known as the Japanese knotweed capital of the UK, it never fails to amazes me that people have no idea of the potential problems this invasive non-native plant can cause when buying or...

view article
NathanG
NathanG 05 Jul 2017

McDonalds, for example, have been purchasing their real estate on prime locations for years. If something happens to the company they'll have invaluable assets that will be able to save them. We might

view article
Jonah
Jonah 04 Jul 2017

Graham: surprised to see you cite the "extra tax liability" as capping out at ?560. It doesn't - the extra tax is exponential, as it is levied on the income (i.e the inflating level of rental income you...

view article
Dianne Griffen
Dianne Griffen 29 Jun 2017

Be very wary of anyone bringing you deals that they have ?found? and want to ?sell on to you? or ?joint venture? with you on ? you need a proper legal contract for this, involve a RICs surveyor to confirm...

view article
jason hadzikostas
jason hadzikostas 28 Jun 2017

The most important thing is a budget. Students have to manage their spendings in food, house maintenance, books and many other things. According to me, student Studios are the perfect option for them as...

view article
SecomTech
SecomTech 22 Jun 2017

AT Last...This was discussed years ago and there was a move towards landlords registering their bad tenants on a database..(can't remember where) It seems a logical step though our leaders will probably...

view article
Bertrand
Bertrand 02 Jun 2017

How about the Welsh Govt introducing a scheme to protect landlords against "rogue" tenants who are then taken to court for criminal damage to the properties they trash. Pretty unlikely I suspect and politically...

view article
AmberMorris
AmberMorris 25 May 2017

"Please don't pick a novelty tune-playing doorbell. They're not 'fun'. They're stupid." Laughed a lot to this. It's actually true, though.

view article

Related stories

More articles from Household