Prohibitive Price Tag Prevents Young Adults From Leaving Mom & Dad
Toronto, ON – April 29, 2013 – They say “30 is the new 21,” but the issue isn’t being young at heart. In past generations, 21-year-olds were pursuing their career paths, getting married, and beginning life on their own. These days, however, with the perceived need for higher education, rising living costs, and a weak job market, increasing numbers of young adults are delaying living independently. Currently, 42% of Canadians aged 20-29 still live in the home of one or both parents*, much to the dismay of said parents who likely expected to have the house to themselves by now.
RateSupermarket.ca, Canada’s independent rate comparison site, is bringing awareness to this pressing issue with a study that outlines the various needs and costs associated with moving out on one’s own. The final determination: $5,397.50. The company averaged the price of accommodations, cleaning supplies, futons and other miscellaneous items to determine the number; a full breakdown can be found in their infographic, featured at getoutofmyhouse.ca.
“We’re trying to bring a little levity into a more serious situation, which is that economic times are tough right now for young adults just starting out,” says Kelvin Mangaroo, President of RateSupermarket.ca. “We’re shining a light on the issue, while underscoring the importance of financial literacy for young people.”
To help share this message, Ratesupermarket.ca launched the “I Love You, Now Get out of My House!” giveaway earlier this month. The competition received over 150 entries from parents and grown children alike. The six finalists have been chosen and the winner will be determined by popular online vote. To find out about the finalists or to vote, visit www.getoutofmyhouse.ca. The winner, who will receive a grand prize totalling over $5,000, will be announced May 12.
*Human Resources and Skills Development Canada: “Family Life – Young Adults Living with their Parent(s).”
About RateSupermarket.ca (www.RateSupermarket.ca)
Over 3 Million Canadians have found their best rate for personal finance products on RateSupermarket.ca. Launched in 2008, RateSupermarket.ca is Canada’s largest and most comprehensive rate comparison site, offering visitors transparent access to the best mortgage rates as well as credit cards, bank accounts, insurance quotes and GIC rates.