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Date Published : Tuesday, June 17, 2008
Difficulties in securing a home loan and the increasing cost of living in many Australian cities are fuelling an explosion in Australian Kippers - Kids In Parents Pockets Eroding Retirement Savings - according to reports.
News.com.au states that over the last 20 years, the number of Kippers, those aged between 25 and 29 who still live with their parents, has increased by 30 per cent.
And, according to 2006 census figures, around 16 per cent of all people in this age group now live at home with the folks.
The "cut-throat" cost of housing, transport and other essentials in Sydney has made it the Kipper capital of Australia, the site adds, with 54 per cent of 25 to 29-year-olds in the suburb of West Pennant Hills and 51 per cent of those in Abbotsbury still living at home.
St Ives in New South Wales also has a high concentration of Kippers, at 66 per cent, while in the Melbourne suburb of Templestowe, half of 25 to 29-year-olds are Kippers.
Elise Wilkinson, a Kipper who lives at home three fellow Kipper twentysomething siblings, told the site: "To be honest I wouldn't want to leave and have to down grade and be on a budget … With rents so high [living at home] is what I have to do."
Demographer Bernard Salt commented that despite Kippers denting the savings accounts of their parents, many baby boomers "love" having their kids stay on at home.
"There's also a view that by supporting adult children, parents are setting up an emotional debt that they think will be repaid much later in life," he added.
Those looking to fly the nest could benefit from having their own savings account or taking out a personal loan.
Compare savings accounts.

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