It’s hardly the surprise of the century for those who have experienced it first-hand, but news that parents pay out over £44 billion per year to their offspring who have flown the coop has shocked bankers. Lloyds Bank, in the Bank Family Savings Report, stated that living expenditure for young adults has almost trebled since the 1970s, and also that the areas of highest expenditure were property, weddings and cars.
On top of this, the report found that 4.25 million young people are avoiding the financial problems entirely by not leaving home at all. We can only look piteously upon those poor parents, trapped at home with their children.
Announcements were also made by Nationwide that house prices are rising, which may well put some young people out of the buying market entirely.
Furthermore, a report by the Co-Operative has told us that parents are spending ridiculous amounts upon their youngsters for Christmas. £145 is now the average outlay on children for presents, with parents even cutting back on parties, food and booze to spoil their kiddies rotten.
So we might just be looking at another generation of stay-at-homes after all, and not least for the Christmas presents.