These days, parents tend to look after their children for much longer than in years gone by, due to an unpredictable job market and an increase in the number of people staying in further education.
Indeed, according to research from Sainsbury’s Bank, parents give their youngsters a lot of help and support but expect them to stand on their own two feet by the time they reach 29 years old.
Therefore, if you are undergoing training in introduction to recruitment and selection, it could be worth noting that those approaching the end of their 20s will be eagerly looking to progress in their careers to gain financial independence from their parents.
The Family Finance Report ‘The Family Lifecycle – The Learner Years’ revealed many young adults rely on their mums and dads for longer due to education costs, with parents typically spending £13,039 to make sure their children get the qualifications they need to make it in a competitive jobs market.
Jasmine Birtles, founder of MoneyMagpie and second author of the report, said today’s generation of parents are the first to encounter expensive university fees.
“Add in the increased difficulties that even graduates have to get a job and it’s clear the situation is far tougher for today’s twenty-somethings than it was when they were born,” she stated.
To improve jobseekers’ chances of climbing up the career ladder so they have greater financial freedom from their mums and dads, it is worth embarking on useful jobs courses, such as sales development, team skills and leadership training.
While parents are spending much of their savings to support their offspring, a report from the Social Mobility Commission recently showed those with lots of money are actually more likely to have children accepted in good, well-paid investment banking jobs.
It found that recruiters still favour those from middle or higher-income families, looking at speech, accent, behavior, clothing and calibre of university to make their decision when recruiting.