reports on demographic and financial trends in Britain that threaten to create some tension between the debt-ridden and jobless young and their cashed-up property owning baby boomer parents.
He looks at the notion that many youngsters can't afford to leave home and are sat steaming and resentful in their bedrooms. A small number are even hoping their parents kark it and pass on the dosh...sheesh.
The growing financial plight of younger adults is building tensions between the generations that may create some ugly scenes in homes across the country in years ahead. Santander – the Spanish bank that bought Abbey, Alliance & Leicester among others – surveyed 2,000 people to come to the conclusion that student debt and shortage of jobs for young people has created a generation of what it calls “baby boomerangers”.
These are adult children aged over 18 unable to leave their parents’ home who seem to be slouching on sofas across the land, resenting Mum and Dad’s good fortune. More than four in 10 of the families affected see no hope of these young adults flapping their wings and finding a home of their own any time in the foreseeable future.
Reza Atta-Zadeh, a director of Santander, says: “The term ‘flying the nest’ could soon be made redundant as the credit crunch and rising cost of living is altering the structure of Britain’s families.” The most disturbing research published today, suggests that one in five young adults admits to “looking forward” to a receiving an inheritance.
More than one in 10 said they were relying on these future inheritances to pay off debts or provide a deposit on their first home. A ghoulish 3 per cent of the 1,300 people questioned by the website MyVoucherCodes said they would rather have the money than keep their parents alive
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