Tech & Biz

From YUPPIES to YUCKIES the 18-30s that won't leave home

by Paul Conneally | February 17, 2010 at 01:17 am

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They are Young Unwitting Costly Kids - 18 to 30-year-old Yuckies who won't leave-can't leave the family nest behind citing poor finance as a the main reason.

They are causing heartache and financial strain on their aging parents who can face huge bills as they bail out their grown up children.

The road to independence seems never ending for an increasing number of 18-30s some of whom now appear to feel it's the norm for their mother to be doing their washing, tidying up after them and giving them pocket money.

A survey by The Children's Mutual finds the cost of being a parent has never been so high.

Almost three in ten parents say they have remortgaged, or will do so, to raise a lump sum to allow their offspring to leave the nest.

This involves providing a 'golden goodbye' to cover outstanding student loans and debts and may also include the deposit on a first property.

Separately, more than half of parents are borrowing and putting their own financial security at risk in order to bail out their adult offspring.

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stejeb

at 08:09 on February 17th, 2010

It's difficult for kids growing up now, there's a vast difference in the availabilty of affordable housing now compared to when I was 18 back in the early seventies.

There's not enough accomodation out there for the amount of people in the country now, and as you've said in your other article, people can't get enough work to earn enough money to fly the nest.

The parents have all my sympathy, I've got an 18 year old at home so I'm one of them :)

Beaulieu

at 13:55 on February 17th, 2010

I think also the 'affordable' homes are unaffordable too. Some of these affordable homes are full of yuppies anyway. And property developers are being greedy, with luxury 5 bedroomed homes. Also neighbours may not like 'cheaper housing' too and will try and petition against these properties.

In Hong Kong, it is quite normal to live with the parents. And when the parent was 80, they could also look after them. Sometimes the parents, at that age, enjoy the company. It is not ideal, but loads of people accept it. When I was there I actually enjoyed the sense of community that living together made.

Hugh Askew

at 16:11 on February 17th, 2010

Affordable housing is at or below what is was in the early 70's, costwise.

Minimum wage was 2.00 to 2.50 an hour, starter homes were about $35,000 here at the time.

Minimum wage is now over 6.00 an hour, starter homes are in the 125,000 range, except now they are a little larger, and have more features.

What is different is the parents attitude, and what the first home buyer feels they have to have with the new home. Most first time home buyers in the early 70's would not have had 2 new car payments, and most certainly did not have large credit card bills, and/or monster student loans.

Things are different in England, i'm sure.