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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Latest Comments

warren
warren 26 Apr 2017

You're very welcome Mary! Glad you enjoyed them :)

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Mary Ward
Mary Ward 26 Apr 2017

Thank you for the wonderful ideas. First impressions can make or break a deal. It's sadly that many homeowners drop the kerb to create an off-street parking space.

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Tony Gimple
Tony Gimple 14 Apr 2017

I'm not at all surprised that so many landlords are still confused about what the tax changes really mean and how it will affect them. In particular, the blind rush to incorporation is leaving landlords...

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MH
MH 13 Apr 2017

You are right that the bank holidays are going to be spoiled in looking for the properties. But people who want to sell their property and looking for the better relocation, they can get benefits of this...

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bnellyb
bnellyb 08 Apr 2017

There will be an exodus of private landlords over the next 5 years as tax changes take effect, private landlords provide an important service to the rental market, why do housing associations and councils...

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Fred Cassman
Fred Cassman 07 Apr 2017

"Make it look like you are at home": often people forget this and share on facebook their location!

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jared townsend
jared townsend 05 Apr 2017

It'll be interesting to see how & if the Government's asset sale regarding mortgages helps

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SecomTech
SecomTech 04 Apr 2017

...and not one mention of the rules on PERMITTED DEVELOPMENT!!! Unless you have studied the plans you will not know...It's probable a high proportion would not need planning permission...BUILDING Control...

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Jonathan
Jonathan 03 Apr 2017

That's a very interesting study indeed. There is no doubt that new services and web apps such as Wonego.com in the UK or Roomster in the US will change the way people look for a flatmate, and that tenants...

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MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

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ajay
ajay 21 Mar 2017

How is the "robust evidence" looking now?

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NathanG
NathanG 20 Mar 2017

I've been watching the series so far and am completely baffled by the cases that were presented. Though, I don't think that we can protect ourselves from every scam possible - it will just make the scammers...

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