Parents funding 'boomerang generation'

Friday, February 19th 2010

Parents who have grown-up children are thought to be increasingly funding their offspring, who are struggling financially.

The Children's Mutual commissioned a survey, which found that some £30,000 is expected to be spent on supporting children between the age of 18 and 30 years old.

Some 48 per cent of parents quizzed revealed they fund the living costs of their adult children, who are dubbed the boomerang generation.

Parenting expert and former editor of raisingkids.co.uk Catherine Hanly said most of this money is probably spent on helping children get on to the property ladder.

She explained that the boomerang generation are also tending to live at home "because they can't afford to either pay expensive private rental or, perhaps, they are trying to save little bit of money to get their own place".

A total of 1,484 parents with children over 18 were questioned in the Children's Mutual survey.

In one way or another, 93 per cent of parents admitting to funding their adult offspring without having planned to do so.