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Politics/Current Affairs, Business/Finance

Half Of UK’s Young Adults Living On Parental Handouts

Sunday, August 20th, 2006 at 20:44 by Simon Kimber

So, you’ve spent years raising a family, the kids have flown the nest, finished college or university, and gone out into the world on their own two feet.  This must mean that you’re left with a new-found financial freedom.  Perhaps now you can take up those new hobbies you couldn’t afford before, or maybe a cruise or a few trips to faraway places?

Well don’t book the tickets just yet because nearly half of you are going to be getting a phone call from a BOMAD pretty soon.  No, it’s not a new-age traveller with sinus problems, but a “Banking On Mum And Dad”, a new FLABENON (Five Letter Acronym Because Everything Needs One Nowadays), coined by Mutual Assurance researchers, for the 46% of Britain’s over-25s who are still being bankrolled by their parents to cover basic living expenses.

Rising living costs, education costs, a spend-crazy credit culture and spiralling property prices, making it harder than ever for first time buyers to actually buy for the first time, have left the UK with a generation of debt-laden young adults struggling to make ends meet.

46% of parents are thus helping to prop up Gordon Brown’s facade of a strong and thriving economy. If you’re a parent and that makes you mad then here’s how you show Gordon who’s boss. Simply put, just sever all financial ties with your children and leave them lying in the gutter to suffer in poverty. That’ll show him! And at least the kids will get plenty when their inheritence comes around. Oh, no, hang on…

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