Youngsters return home as home cooking increases

Published: February 09, 2009

According to the Abbey, the credit crunch is having the effect of drawing some families back together. In a statement released today, the Abbey said that last year more than a million young people aged under twenty four decided to return to the family home, or delayed plans to move out. This year, the Abbey suggests that they will be joined by a further one million of those aged between twenty five and forty four, which they have dubbed the Baby Boomerangers.

In a further announcement, the Abbey has hinted that home cooking may well be on the agenda when these Baby Boomerangers arrive back home. The Abbey reports that more than 56 per cent of us have cut back on eating out, and almost half of us have reduced the amount we spend on take aways. The research also confirms that many more of us are deciding to take a packed lunch to work rather than pop out for a bite to eat at lunch time. Commenting on the return of Baby Boomerangers, Nici Audhlam-Gardiner, who is Director of Abbey mortgages said:

"Millions of Britons have realised that sometimes you have to take one step backwards in order to go two steps forward. So while returning home or delaying your plans to move out might feel like a sacrifice, it's actually a great opportunity to save enough money to put down a deposit on a property of your own. This is especially important in the current market where the bigger deposit, the better the mortgage rate you will be eligible for."