FHB attitudes change

The research report revealed that 34 per cent of Gen Ys aged 26 to 29 love living at home and never want to move out.

For 18- to 21-year-olds, the thought of independence and freedom is somewhat more alluring, with only 13 per cent planning to stay at home as long as possible.

RaboDirect group executive Greg McAweeney said the results showed that older Gen Ys are aware of the upsides of living at home.

“Our research suggests that the older Gen Ys have a good understanding of the cost of leaving home and perhaps have established their independence,” he said.

“I expect that among many 18 to 21-year-olds there is an element of naivety about the cost of living and the aspiration to leave home is compounded by a desire to prove they can survive in the outside world.”

The report also showed that parents of Gen Y 'never leavers’ pay approximately $5,000 per year in added household costs to support them, and that many of these Gen Ys are not mindful of their mum and dad’s household budget.

Only 38 per cent of Gen Ys living at home take steps to reduce utility bills such as minimising unnecessary heating or switching off lights and appliances not in use.

Mr McAweeney said the results also raised questions about the role of parents in teaching their adult kids financial responsibility.

“Some may argue these adult kids who live at home are getting an easy ride – that isn’t a problem in itself – but if they are missing out on learning valuable lessons about budgeting and financial responsibility, it may turn into one.”