The term ‘Boomerang Generation’ is in common parlance, with many young adults choosing to share a home with their parents after previously living on their own.
New research from Churchill Home Insurance might have coined a new phrase to describe those adults moving back in with their parents following a break up, divorce or separation.
This might be as many as seven million UK adults, who are described as ‘Doomerangers’.
If the numbers stack up, it means as many as 14% of the adult population have been forced to move back in with their folks following the end of a relationship.
Rising rent and mortgage costs are no doubt contributing to their phenomenon, with many adults unable to afford the costs of separate accommodation as a single person following a breakup.
Churchill found that financial reasons were the leading cause for Doomerangers moving back home with parents, with more than half of those surveyed doing so because they couldn’t afford the alternative.
Adults are also moving back home after a separation because they need parental emotional support, help with childcare or distance from their ex-partner.
According to Martin Scott, head of Churchill Home Insurance:
“A separation or divorce is an emotionally traumatic experience and sometimes parents are exactly what we need to help us get through these difficult periods in our lives.
“The additional financial strain of having to keep separate properties often means it’s easier to move in with family, rather than try and find somewhere else to live.”
They found that men are more likely to move back in with their parents than women.
While men are mostly becoming Doomerangers for financial reasons, women predominantly move home as a temporary measure while searching for somewhere new to live.
The financial reasons for people ‘doomeranging’ back to their parents vary, according to the research.
They range from the high cost of rents elsewhere to needing to reduce the cost of living or having to repay debts.
Clearly going through a break up, separation or divorce can be a very challenging time, especially when it comes to personal finances.
Working with an Independent Financial Planner at an early stage is a good way to remove the financial stress of a separation and create a clear vision for the future.
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