Over 50s welcome 'boomerang generation'Wednesday 12 August 2009
Over 50s welcome 'boomerang generation'
- A third of adult children move back in with parents
- 78% enjoy having children back home
- 17% of over 50s have put up divorcee children after a failed marriage
A third (31%) of parents have welcomed their ‘boomerang’ adult children back to the family home, reveals research conducted by Saga Home Insurance*.
Over three quarters (78%) of the boomerang parents enjoy having their children move back in with them. Those in Northern Ireland the most enthusiastic (89%) about playing happy families, whilst parents in the East Midlands are the least happy about the situation, with almost a fifth (18%) saying they don’t enjoy living with their children again.
The tough economic times are a contributing factor in the number of people deciding to move back in with their parents. Over one in 10 over 50s who have ‘put up’ their adult children again after they first left home did so to help their children out in times of financial difficulties. A further 17% have provided accommodation for their adult children following a divorce or separation.
Saga Home Insurance has up to £50,000 Contents cover as standard, so there is peace of mind that all the belongings they bring with them on their return to the family home will be covered. If there are too many belongings to store in the home and a garage or outbuilding is used to store them, Saga offers up to £3,000 for contents stored there**.
While many children return home after completing university (26%), planning for a short stay while they find their feet, it seems many children may be outstaying their welcome.
Almost a fifth (17%) have moved back in with their parents for over a year, suggesting parents may be making their lives a bit too comfortable! Londoners are the keenest to stay put (25%), perhaps because they are delaying having to pay for the high cost of living in the Capital.
A quarter (27%) of parents asked for a financial contribution towards the increased household bills, but 28% didn’t want any financial assistance. 16% of children contributed financially even though their parents did not ask for help, whereas, 15% of children are unwilling or unable to contribute at all.
Even if their children do contribute to the household bills, many over 50s could still find themselves out of pocket as a fifth (16%) of parents even go so far as to make changes to their own property to house their offspring comfortably. Brits should also be aware that if changes are made to a property that increase the amount of bedrooms, they should notify their insurance company to make sure they have sufficient Buildings and Contents cover.
Andrew Goodsell, Executive Chairman, Saga Group, comments “It is good to see that you can always depend on your parents in times of emotional and economic difficulty. But don’t forget the financial implications of moving home, such as the cost of food and energy bills and any increase in insurance cover that maybe needed for extra valuables in the home”.
Notes to editors
*Analysis carried out by Populus for Saga on an online poll of 11,809 British adults aged 50+ in June 2009.
Parents that have had adult children move back into the family home
South East 32%
South West 29%
West Midlands 33%
East Midlands 27%
North West 32%
North East 33%
Yorkshire and Humber 33%
East Anglia 27%
Northern Ireland 30%
Parents that have asked their children for a financial contribution
South East 26%
South West 29%
West Midlands 27%
East Midlands 19%
North West 28%
North East 20%
Yorkshire and Humber 28%
East Anglia 32%
Northern Ireland 20%
Parents that have enjoyed having their adult children back with them
South East 77%
South West 79%
West Midlands 77%
East Midlands 70%
North West 77%
North East 79%
Yorkshire and Humber 81%
East Anglia 78%
Northern Ireland 89%
For more information, please contact the Saga Press Office on 01303 771529
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