A "lost generation" of young adults are finding it impossible to break free from their parents as they struggle to cope with spiralling levels of debt.
A worrying report has shown 18 to 30-year-olds living in the Westcountry rely heavily on the "Bank of Mum and Dad" to fund their basic living needs, with many having hidden debts exceeding £3,500.
More than eight out of ten (86%) in the South West admit they have received financial support from their parents since turning 18, according to the research monitoring issues affecting young people's lives through the economic crisis.
The research, published by The Co-operative Group, also revealed a huge proportion of UK young adults (80%) still ask their parents for help with basic tasks and decision- making.
Andrew North, South West regional secretary for The Co-operative Group, said: "The findings of our study into 18 to 30-year-olds offers a unique insight into their view of the world and their prospects for the future. It should not be forgotten that it is these young adults who are ultimately going to shape the future of Britain for years to come, so they need support and encouragement to thrive which, in turn, will only be positive for the future of the country."
Many young adults across the country have asked their parents for financial help for a range of things, including food shopping (43%), holidays (36%), debt payments (16%) and house purchases (8%).
The most common areas for support were transport (40%), basic chores such as cleaning and ironing (34%) and help finding a job (27%).
Louis Burgess, from Newton Abbot, struggled to find work for months after leaving college while chasing a career as a comedian.
The 21-year-old said: "It was really tough and I would often go by each day wondering where I would get money from. I used to get the odd job but there wasn't a lot of full-time work out there and I felt a bit hopeless."
He eventually sought help from a mentor who helped him put a business plan together and gave advice on how to market his business.
The report identified an 18-30 "debt-eration", with nearly two thirds (60%) of young adults admitting to having debt of some sort. The main sources of this "secret" debt were student loans (63%), credit cards (31%), personal loans (23%), overdrafts (19%) and money borrowed from parents (18%).
The report uncovered multiple causes of stress among young adults, with 40% feeling they should have achieved more in their lives, almost a third struggling with lack of sleep and a quarter feeling inadequate.
Psychologist Donna Dawson, said: "In order to help this generation to cope better, parents should encourage independence, initiative and self-sufficiency. This in turn will generate the self-confidence needed to tackle work and money issues, as well as help them to develop a more realistic outlook during an uncertain economy."
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