Flying the nest, fleeing the coop – whatever you want to call it, since Elvis was strutting his stuff in the 1950’s large numbers of young adults have dreamed of the day they no longer have to live at their parents’ home. These days, with 800,000 graduates stuck at home, more young people than before the credit crunch can’t afford to move out.
Yet Experian research* has found that contrary to the ‘itchy feet’ feeling you’d expect young people to have in that situation, most of them appear quite happy doing that – with 61% saying they were quite or very content with living at home and a mere 4% claiming to be very unhappy with their lot.
A quarter of those asked had no immediate plans to leave home, though 29% plan to do it in the coming year with a similar number (31%) hoping to break away within the next two to three years.
The biggest reason for this was, not surprisingly, the high costs of rent. Even so, over a fifth (22%) said they were living at home so they could save up for a mortgage, while 17% said it was because they were still in full-time education.
There are 3 million young adults living with their parents in the UK** today. Whether you’re happy staying put for now, saving up for a mortgage or itching for the chance to rent with your mates, it’s always a good idea to start planning your financial future.
For young people still living at home, now is the time to start building a healthy credit score so that when you do need a helping hand in the future, your credit report will paint the best picture possible of your financial situation when you apply for credit.
A few things young adults could do to build up a credit score include:
– Sign on the electoral roll at your parents’ address; it proves you live where you say you do.
– If you have one, ensure your mobile phone contract is in your own name
– Try to demonstrate you can comfortably manage any credit commitments you have
– Don’t go over credit or overdraft limits; keep an eye on what you’re spending
With a 30-day trial of Experian CreditExpert** you can see your Experian Credit Report and score whenever you want, and get expert advice on improving and maintaining it.
* Independent consumer research carried out online by Poll Source in September 2014 on behalf of Experian CreditExpert with 1,500 UK adults. **ONS Young Adults living with parents http://www.ons.gov.uk/ons/rel/family-demography/ young-adults-living-with-parents/2013/sty-young-adults.html rel=”nofollow” ***A Monthly fee of £14.99 applies after your trial. You may cancel during your 30 day trial without charge. 30 day free trial available to new customers only. Trial period starts on registration – further ID verification may be required to access the full service which may take up to 5 days.