Unemployed Graduates Flock Home to Save Money
Graduates unable to secure employment after graduating are descending on their parents’ homes to save money, new research reveals.
A total of 4.9 million people host house guests who stayed for an average of eight weeks last year, Churchill Home Insurance found.
Almost 500,000 graduates have since returned home to their parents in the last year, some of these are older children who are keen to save money on rent for a deposit on a property.
However, each year these house guests rack up £66 million worth of damage as they fail to respect the property they lodge at.
“More and more people are opening their homes to guests who stay for prolonged periods of time,” said Vicky Perry, Churchill spokesperson.
“With graduates struggling to find jobs after university and prospective homebuyers struggling to pay rent while saving for a deposit, a return to the comforts of the family home is proving increasingly attractive.”
One in five people who allowed a guest to stay revealed they ended up arguing with their partner, and 10 percent even admitted they found themselves rowing with relatives.
One in twenty got into a fight with their house guest, and another 15 percent ended up trading insults with them.
Londoners were found to be the most likely to have a house guest as soaring property and rental prices were felt in the capital – one in three let someone stay in their property without paying rent in the last two years.
While those in Yorkshire and Humberside were the least likely to have this type of house guest – with less than one in 10 having friends, a colleague or a family member live in their home this way.
For those struggling to save money, a prepaid debit card could help them budget their monthly income.