Stay-at-home Gen Y costs plenty
Generation Y is the most costly generation to raise in history, costing parents $6,000 a year on top of the $200,000 already spent to raise each of them from birth, new research by BankWest shows.
The Social Indicator Series Report shows just how expensive the best-educated and tech-savvy generation in history has been for Baby Boomer parents.
It also reveals that 63% of three Gen Ys still living at home don’t contribute to household bills while the average rent paid by Gen Ys to their parents in 2009 is only $70.
The BankWest Gen Ys Still at Home survey shows that Gen Ys who continue living with their parents cost them up to $42,000 more than Gen Xers who left home on average at 18 or 19. Many Gen Ys, on the other hand, are still living at home at 25.
Those who do contribute to household bills tip in an average $44 to the family kitty, while nearly 50% of parents think their Gen Y kids take them for granted.
While the latest Bankwest report clearly highlights the on-going financial burden posed by still at home Gen Y’s, it also shows that many Baby Boomer parents are more than happy to have their adult kids live with them.
