Young drivers 'should fly the nest'

Young drivers 'should fly the nest'

Thu, 08 Jun 2006

Young drivers looking to save money in order to move out of their parents' home could benefit from shopping around for the best deal on their car insurance.

With research suggesting that an increasing number of young people are forced to stay at home with mum and dad for financial reasons, the savings could come as a welcome boost to the moving out fund.

Figures from Lloyds TSB show that 22 per cent of young people who are planning to start university this year intend to continue living with their parents because they can't afford to live in student accommodation or take on debts.

But 60 per cent of youngsters surveyed said they would like to move into their own place because they are attracted by the social aspects and nearly a quarter admit that they want to escape their parents' clutches.

And moving away could be the best move for both parents and their offspring. Family therapist Phillip Hodson, a Fellow of the British Association for Counselling and Psychotherapy, said that the psychological consequences of staying at home can be severe.

"Stay-at-home youngsters tend to remain adolescent with damaged powers of personal decision-making," she said.

"Indeed, some of them – especially boys – get stuck at home until they are 30 or older partly because they have not managed this crucial break at 18."

For young drivers who have the cost of running a car to consider, finding cheap car insurance could be a handy way of expanding their savings in order to move out sooner.

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