25th September 2015
Want you children to leave home? Then you might want to give them £6,300.
According to interior’s retailer Furniture123, £6,300 is the cost of independence and the sum would allow a child to leave home for the first time and set up life away from their parents.
One in three 18-to-30 year olds did not leave the family home until age 26 and of those who flew the nest before age 21, 89% moved away to university.
However, the costs of flying the nest can mount up quickly as young people have to shell out money for expensive deposits and upfront fees to secure a property, which is what 67% consider the biggest financial burden.
The second largest expensive is furniture and home accessories, including items such as bedding and kitchen equipment, cost a newly independent adult an average of £2,260.
For those still living at home, a lack of savings seems to be the main driver for failing to move out – 78% said this is the main reason they are not living independently. But one in 10 say they have no intention of moving out even though their parents have asked them to.
Mark Kelly of Furniture123 said: ‘Young adults hoping to flee the nest face a number of financial challenges, such as the cost of living versus average starting wages in the UK, the rising house prices and cost of rent and that’s before any bills are factored in.
‘There are ways that costs can be reduced however, such as moving in with friends and sharing the costs, or shopping around to ensure value for money when it comes to buying furniture and appliances.’
Top five costs
1. Deposit and upfront fees – £2,440
2. Furnishings – £2,260
3. Appliances – £980
4. Bills – £550
5. Food – £167