What age should kids leave home?

A TAL survey shows kids are leaving home only a few years later than their parents did, but do they have income protection insurance in case they can't work for a period of time?

It's a conversation most families have had many times – at what age should kids 'fly the coop' and become independent?

The answer obviously depends on individual circumstances, but a TAL consumer survey has found some interesting results to this question.

Nationally, parents said the average age their kids either should (or already have) leave home and become financially independent is 23 years.

Those same parents say that, on average, they left home just two years earlier at 21.

Leaving the protection and comfort of the family home can be both exciting and daunting. It is a rite of passage. Ensuring you are financially protected makes the transition much easier.

A crucial part of being financially independent is ensuring you can meet your obligations and commitments if for some reason you are unable to earn your income for a period.

Income protection insurance is a key form of life insurance for young people and moving out of home is a perfect time to ensure financial protection is in place.

Three per cent of parents expect their children to leave home before 18, while 13% of parents said they had moved out by this age.

Interestingly, 3% of parents said they left home between the ages of 30 and 40 and 1% said they departed after 40, but only 1% thought their current children should leave home after 30.

Fourteen per cent of parents did not nominate an age on the question – instead saying it should be dependent on getting a job or completing their education.

A number of parents indicated having their children at home for the long term, with 8% saying their children "would probably never leave home".

We know that a person's most important asset is their ability to earn an income because without that we can't meet our obligations and commitments.

But many young people do not fully appreciate the impacts and consequences of what can happen when their income suddenly stops because of illness and injury.

Many young people will insure their mobile phones but will not insure their most important asset, themselves.

Full survey results are available here.