Research by Scottish Friendly Assurance Society found that 58% of parents are worried about their children’s ability to move out.
The study, conducted by 3Gem among 1,500 UK parents with children aged zero to 15, revealed that 55% were concerned their child could not cover the cost of their first rent deposit.
The Institute for Fiscal Studies (IFS) reported a rise of over a third in the number of UK adults in their 20s and 30s living with parents over the last two decades.
It cited accommodation costs as a factor, indicating that generations Y and Z face challenges in leaving home.
Jill Mackay, savings specialist at Scottish Friendly, said: “The fact that six out of 10 parents worry their child won’t be able to afford to leave home is concerning.
“If we are to ensure that Generation Alpha, and those that follow Alpha, have a greater chance of being able to enjoy the rite of passage of leaving home – one last fully experienced by Gen X – then, collectively, we need to find ways in which to increase Gen Alpha’s financial resilience to ensure that independent living isn’t being denied to them for want of a rent deposit.”
