Over 50’s welcome boomerang kids back home

Despite growing up and spreading their wings, a third (31%) of parents have welcomed their ‘boomerang’ adult children back to the family home according to new research out today.

The research conducted by Saga Home Insurance, reveals that over three-quarters (78%) of over 50s enjoy having their children move back in with them – and today’s turbulent economic times are a contributing factor.

Over one-in-ten 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.

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!

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.

Andrew Goodsell, Executive Chairman, Saga Group, says, “It is good to see that people can always depend on their parents in times of emotional and economic difficulty. But the financial implications of moving home should also be considered, such as the cost of food and energy bills and any increase in insurance cover that maybe needed for extra valuables in the home”.

For more information visit saga.co.uk.