This just in from Great Britain. A survey by Selftrade of 2,000 Brits on fallout from the current economic downturn finds that "50% of British adults have been forced to make a ‘Plan B’ in the last year, as their lives have taken a surprise turn in a different direction. In 87% of these cases, a life change drove a major shift in financial outlook and habits."
While the survey identified "the need for people to empower themselves by taking control of their finances to secure against financial difficulties should a lifestyle U-turn be necessary," what was of interest to me--and presumably, readers of this blog--is the finding on how parents of adult children were reacting. Here's the excerpt on that point:
"The Forever parents
An emerging social trend in “Recession Britain” is the growth of the multi-generation home. Parents who experienced the surprise return of their adult children back home went through a number of sudden financial shifts. Suddenly devoid of their independence they were the group least likely to put themselves first (14%) or to be selfish when planning financial goals (15%). They were also the group most relaxed about taking on more debt (12%) and were least bothered about boosting their savings (10%) or investments (17%) - probably because they had little left over that they could put away."