Lack of
graduate jobs driving graduates back to live with their
parents
Around a quarter of graduates are expected to
move straight back in with their parents after graduating. These
graduates
have been branded the boomerang generation which consists of around
three million adults who return to their family home.
More often than not, adults who lived with
their parents into their 20s were branded as failures, However due
to the decline in graduate jobs many graduates don’t have a choice
and it has really become the norm with 27% of graduates planning on
returning home.
This number could also be set to increase,
with tuition fees set to increase in 2012; graduates are more than
likely to feel extra economic pressure. This could mean that many
graduates will stay at home for higher education to save costs.
This is backed up by Mintel who revealed statistics that 41% of
adults that moved home did so to save on costs.
Ina Mitskavets, consumer and lifestyles
analyst for Mintel said most graduates don’t return home purely for
financial reasons.
“As more and more young people return to the
nest, the stigma attached to doing so dissipates and it’s no longer
a last resort, but an accepted part of life for many,” she
said.
“Poor job prospects and the rising cost of
living means that living independently is increasingly out of reach
for the UK’s young adults.
“Living back at home with mum and dad offers
today’s Boomerangs an opportunity to live more comfortably than
they might otherwise have done while also saving money and clearing
some debts, with over half (56 per cent) of the comeback kids
saying they are financially better-off as a result.”
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