Parents pay the cost of 'boomerang generation'

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Parents pay the cost of 'boomerang generation'

Fri 19th Feb 2010

Parents are facing unexpected strains on their finances in their old age as their children are returning home after university, one parenting expert has stated.

Catherine Hanly, the former editor of raisingkids.co.uk, said that she is not surprised that so many young adults are finding it hard to become financially independent as they are leaving university with large amounts of student debt and are then faced with expensive property prices.

She added that for many parents it comes as "a horrid surprise" that their children have returned to the family home after finishing university, especially as they may not have budgeted for the additional financial demands.

Her only advice for parents who think they will be in this position in years to come is to begin saving early to get some money ready in case their children need it when they are older.

Ms Hanly commented after the Children's Mutual released figures from a survey by Point 72 which found that parents are anticipating the cost of raising their children between the ages of 18 and 30 to be £30,000.

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