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Follow on Google News | The “Magpie Generation” Spends the Family Silver• 3million 20-34 year olds have returned to live in the family nest • 15% of parents sacrafice their summer holiday to support grown-up children financially • 1/10 adult nesters don't contribute a penny to household expenses
By: Ffrees These students will add to the lost generation of nearly 3 million young adults who have already returned to the family home in search of a roof over their heads and even adult pocket money, despite being of working age.* New research by Ffrees Family Finance, the family account, www.ffrees.co.uk , reveals that a staggering 52% of mums and dads feel more stressed by their finances than ten years ago. As many graduates return home this summer, over 1 in 10 (12%) will add to this pressure by not contributing any money for rent, bills, food and other costs associated with living at home. The poll of 1,064 UK families, commissioned by Ffrees, questioned the nation’s families and found a third (30%) still had grown-up children living at home and that nearly one in ten were totally responsible for them financially. This comes as the sandwiched generation of parents are trying to juggle financial support for their grown-up children and care for elderly parents. Incredibly, 23% spend around £100 on monthly ‘pocket money’ for their adult nesters, setting them back around £1,200 a year and over 38% of those with children over 18 also pays for one off costs such as cars and help with a house deposit. A third (33%) of kind-hearted families do not mind making sacrifices to prop up the ‘Magpie Generation’, but many families are making sacrifices just to support their live-at-home grown-up children. Top three sacrifices that mums and dads are making are: 1. Sacrificing holidays (15%) 2. Dipping into the retirement pot to provide adult pocket money (12%) 3. Working longer to support the family (9%) Parents, particularly mums, are sacrificing their me-time treats, with a whopping 92% of mums only spending £50 or less on themselves each month. 12% of the nation’s ‘Magpies’ enjoys not being asked for money for bills, but not every “bank of mum and dad” is so generous, with under-pressure parents asking for contributions to rent (39%), food (54%) and energy bills (38%) to prop up the family budget. Alex Letts, CEO of Ffrees commented: “I think the most worrying aspect of this research is that families are raiding their pension pots. We wonder if this is merely postponing the problem and storing up a crisis for the future. “The new government housing scheme may help this ‘Magpie Generation’ flee the nest a little quicker but with support for elderly relatives also weighing heavily on the family finances, it is no wonder families are really struggling.” ENDS Notes to Editors: For Further Information: Please contact Charlotte Hurley or Tom Hemingway at Hatch Communications on 01943 855630 or email charlottehurley@ Sources * www.careermatters.co.uk press release ‘58% graduate employment crisis forecast for 2013’ * Office of National Statistics - http://www.ons.gov.uk/ Research conducted on Survey Monkey on a nationally representative sample of 1,064 UK parents. Independent research conducted by YourSayPays on a nationally representative sample of 1665 UK Mums. About Ffrees Family Finance Ffrees Family Finance is a new, free account designed to help families save as they spend. It is an electronic account, payment card and savings facility all-in-one. Account holders who use Ffrees’ trusted financial services brands and who shop with their chip and pin card, automatically get rewards of up to 33% which are added to their savings accounts. The Ffrees mission is to help hard-working, cash squeezed families save for their future and get a better deal. Ffrees gives them an average 6% back on their family spending, enabling them to save up £500 a year or more, enough to treat themselves and their family. There are over 300 brands participating, including major national high street retailers and financial services providers. Ffrees recently acquired OscarUK, the over 50s concessions site, and has already signed up over 5000 people to its account since its full launch in January 2013. Members could save an average of £500 a year, here’s an example: • £100 weekly food shop with high street supermarkets = 156 Ffrees • New Samsung mobile with O2 = 41 Ffrees • Switch home insurance to Hiscox = 78 Ffrees * • Switch car insurance to Aviva = 49 Ffrees • Open an ISA with SFIA = 180 Ffrees 500 Ffrees = £500 • Retailers can join the scheme by contacting Debbie McDermott on 0114 2866327 or by emailing info@ffrees.co.uk. *estimate based on home insurance annual premium of £650 Some of the brands available through Ffrees: Key Retirement Solutions Stratstone Jaguar Hiscox Home Insurance SFIA Chesterton Humberts Estate Agents The Letteroom CV Travel Lower Mill Estate Pru Health Alex Letts: Ffrees CEO and Founder Alex was trained in advertising and set up his own agency, specialising in technology and the internet. It soon became the largest business advertising agency in Europe and after that he founded and masterminded the creation of the unique trading exchange for the Lloyd’s & London reinsurance markets. When this was taken over by the Qatar Financial Centre, he started up Ffrees. End
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