We love an acronym and in today’s climate of austerity there is a new kid on the block, the YUCKIE – young unwittingly costly kids.
With the severe tightness on lending and the large deposits needed by first-time buyers more and more parents are apparently resorting to drastic measures to get rid of their kids who are staying at home well into their late 20s.
In a recent survey by child trust fund provider The Children’s Mutual, a stark reality was unveiled for the so-called baby gloomer generation – those who are feeling the pressure of having to support not only their parents who can’t afford to retire, but also their grown-up children who can’t move out and consequently putting their own futures at risk.
Almost a third of parents surveyed remortgage their homes to raise on average £30,000 to help their children achieve the large deposits needed to buy property and a staggering 93% of those surveyed contribute to their children’s finances.
The survey of 1,500 parents highlighted that two-thirds of parents said they had, or expected to, reduce their daily living costs to help fund their adult children and had they known the cost burden when their children were young they would have saved more.
Of course they would. Hindsight it seems is seen through rose-tinted glasses because if memory serves we were all having too much fun drawing out equity and buying stuff we didn’t need.
Saving more for our grown up children was never going to happen.