A study by Bankwest has shown that stay at home Generation Y are the most expensive of all generations in history, they cost their parents $6,000 a year on top of the average $200,000 which has already been spent to raise each of them from birth! Generation Y is classified as the best-educated and tech-savvy generation of all, but this study has revealed that two out of three Generation Ys that still live at home with their parents do not contribute a cent to household bills. The average rent paid to the parents of a Gen Y is $70 a week.

The Bankwest study has shown that Gen Ys are costing their parents up to $42,000 more than Gen X. Gen X left home, on average at the age of 18 or 19 while the majority of Gen Ys are still living at home at 25. One in three of the Gen Ys do not show any signs of wanting to move out of their parent's home.

The few Gen Ys that do pay bills contribute an average of $44 a week- whilst 50% take their parents for granted. Only 30% of parents with adult Gen Y kids living at home don't think their kids take them for granted.

75% of Baby Boomer parents are more than happy to still have their adult child live with them whilst 81% of Gen Ys stated they enjoyed living at home with their parents.

Mr Corfield said Bankwest's 'Living in the Down Turn' report released in April showed that many Gen Ys were savers. Although 53% of Gen Ys say they are living at home because they can't afford to move out of home.

He also said that the 'Bankwest report shows just how much this has changed over the years, with older generations thinking the ideal age to leave home is 21.4 years even though many Gen Ys are still happily living at home into their late twenties."

He concluded by saying "interestingly enough most Baby Boomer parents think Gen Y should get their stakes on and move out before they turn 23, while Gen Ys are not thinking of moving out until 25 and a half.'

Many Gen Ys don't help out at home with 60% of parents saying they don't believe their Gen Y kids living at home pull their weight around the house.

Do you pay rent? If so, how much?

Do you contribute to bills?

What do you think of the Bankwest findings?

Are you surprised?

Do you have a problem with the findings?

This entry was posted by brooke on Monday, August 24. 2009 at 14:57. and is filed under Health & Lifestyle. You can leave a response, or trackback from your own blog. All new comments are subject to moderation before being displayed.