Are we really the Peter Pan Generation?

cartoon peter pan

Are you like many of us still stuck living with the ’rents? Forced to abide by their rules; no respect for our privacy; constantly being asked if we’re leaving without a coat – and all in the name of ‘cheap’ rent! As fun as it is and however much we love them, we’re pretty sure that most of us would love to fly the nest.

So are we really the generation choosing to live off the bank of Mum and Dad and refusing to grow up? Or are the costs of renting/buying a property, student fees and a competitive job market to blame?

Well if we’re honest, it’s probably a mix of both.

If you’re anything like us, it’s easy to live in the moment. Experiences mean more than possessions, and a mortgage just seems like a distant dream. But realistically, our YOLO attitude will only get us so far, and sooner or later we’re going to have to start seriously saving for our future.

This isn’t to deny that there are 99 problems (but being rich ain’t one). What we are saying is that however little money you have, you can still start to save. And we bet the majority of us would love to save enough to gain our independence.


  • Avoid the buy now, pay later culture. This is a real killer, and will only cost you far more in the long run. Ask family or friends for help when you’re not coping financially rather than running to loan sharks.
  • Be thrifty with your clothes. You’ll probably be surprised by how many nice things there are buried in your wardrobe that you’ve not worn for ages. Check out this fashion blogger’s top tips on how to find the best bargains on a budget.
  • Work out what are essentials and what are luxuries. Giving up one Starbucks type coffee every week day saves on average £900 a year.
  • Open a savings account then agree the amount you want to save each month. Set up a standing order which automatically puts money in your account.
  • Set yourself a goal for saving for getting that first month’s rent or deposit – and use our great Pennies to Pounds app to help you stick to it.
  • Eat well on the cheap. Cut the junk, eat out less and ensure you write a shopping list before entering a supermarket. Also be careful of those 3 for 2 deals, do you really need 60 chicken nuggets today?
  • It sounds simple but make a budget, work out how much is coming in and how much is going out.
  • Join the sharing economy. Sharing car journeys can save £1,700 a year, get to know the food-swapping communities (such as The Food Swap Network), go to swap meetings to exchange unwanted possessions. Trust us it’s better than it sounds!
  • When you’re ready to move, shop around. Get advice from friends who have already been through this.
  • And of course, work out exactly how much you can afford to spend on rent or a deposit before committing to anything. A good rule of thumb is to add 30 per cent to rent to cover your actual housing costs.

Good luck, and remember however tough it is for young adults these days, there’s no time like now for starting on that road to independence.


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