Full nest syndrome: ‘Grown Up’ children remaining or returning to family home
3.3million under 34-year-olds have either returned home after moving away or never moved out in the first place, according to new research.
Of the 1.4million who return home the largest driver is, unsurprisingly, financial:
- 31% needed to save money
- 27% couldn’t afford to live away
- 15% to look after parents
- 10% relationship broke down
- 1.8% ill health.
Of those who have remained at home a whopping 42 per cent fail to regularly contribute to the household finances while 1 in 20 don’t help out with any household chores.
Richard Espley, Head of Equity Release, comments:
“Many parents dread the day that their children decide to fly the nest, but more and more are deciding to stay put and It’s no surprise that money is the main reason why”. “Of those that do leave many have little other option but to return home either to save or simply because they cannot afford the rising cost of living”. This change of heart can stretch the parents finances at a time when they have budgeted for lower cost of running of their homes.
“Many parents are choosing to give their children a financial helping hand and equity release is often a viable option in doing so as It allows you to utilise some of the value of your property whilst retaining the right to live there.
“Parents using equity release to help fund their children’s house purchase often see it as a way to give an early inheritance at a time when they really need it. It’s also nice for them to be able to see them enjoy it…from the comfort of their… quieter, less crowded home!”
Content correct at time of publication