The age at which you move away from home can have a massive impact on your wealth in the future, so don’t be tempted to make any rash decisions or to stay with mum and dad forever!

Aussies could find themselves out of pocket by a huge $185,000 if they don’t time the move correctly, according to a new report based on the University of Melbourne’s Household, Income and Labour Dynamics in Australia survey – and they should know seeing as they’ve been quizzing 17,000 Australians a year since 2001.

It turns out that people who move out aged 21-24 have the best chances of earning a higher salary and having more capital behind them when they reach 35-54.

Leaving home before you’re 18 is a terrible idea financially, with men ending up about $184,877 worse off, and women $106,977, compared to those who move aged 21-24. Annual income is around $3000 lower across the board.

Even flying the nest before you hit 21 can have a big impact – men who leave home aged 18-20 can find themselves around $99,834 less wealthy, and women around $25,768. The drop in annual income might not seem like much at under $900, but it certainly makes a difference over the years.

It’s a similar picture if you stay living with your parents past 25 – the average Aussie could have an income $5280 lower than those who make the move aged 21-24, while the impact on wealth is around $20,779 for men and $95,676 for women.

Associate Prof Roger Wilkins of the Melbourne Institute, who masterminded the study, showed no surprise at the discovery that moving out before 18 was “probably not a good thing”. We’re with him on that. But he wasn’t expecting such a detrimental effect from moving out aged 18-20 and after age 24.

“We’re possibly picking up on something here about how people who are more able, then go on to get their independence faster,” Prof Wilkins said.

But he doesn’t recommend all young Aussies start aiming to move out at 21-24 in order to have a successful life; unfortunately it isn’t that simple. The numbers are less likely to be a result of the age itself, and more down to the kind of personality typical of a person who chooses to move at that age. Simply put, successful types will find themselves ready to move aged 21-24 regardless of what the figures show.

Although the reason for the disparity between men and women is unclear, the Prof reckons it could be to do with their partners.

Moving out before 21 seems to be too early to support yourself, especially if still studying, whereas those who stay at mum and dad’s past age 24 are “probably doing it because they’re not in a position to achieve financial independence”, Prof Wilkins speculated.

Mark McCrindle, who works as a social demographer (which means he studies how people behave, in case you were wondering), said the differences the report showed were “fascinating”.

“It just shows those little decisions can have a big impact, it shows over the long term how behaviours and lifestyles can lead to wealth or not and it shows that our idea of offering a (parental) safety net can lead to someone’s economic downfall,” Mr McCrindle said. Take note any parents out there who are reluctant to see their twenty-somethings leave home.

“Staying home provides social connections and family unit support, and more young people are able to finish their studies, but it certainly does have that unintended consequence of diminished future wealth.”

If you are, in Mr McCrindle’s words, a driven “go-getter” then you are more likely to take the step towards financial independence rather than “suffering from safety net syndrome”.

It may be tempting to stay with your parents and save money, but this apparently sensible move may be countered by ever-growing house prices. You can end up in a vicious cycle where it never seems like a good time to take the plunge.

Mr McCrindle also warned parents that helping their kids by providing a home, although done with the best of intentions, could foster a mindset of comfort and dependence. They risk having children who won’t leave home unless they can move into equally comfortable surroundings, and we all know how unrealistic that is for most people.

On the other hand, people who fly the nest too young can be financially naïve and end up making unwise choices when it comes to housing and money. These choices can have a serious knock-on effect for decades to come.

Here are some other interesting things that Prof Wilkins noted from his study:

• If a mother is employed while her daughter is 14 years old, she is likely to earn more later in life. For a son, it doesn’t make any difference.

• People from larger families with four or more children are generally worse off in the future. This could simply be down to the fact that the money has to spread further than with smaller families.

• Good news if you’re the eldest child – you’re statistically more likely to have a higher income and more wealth than your siblings.

• New migrants tend to have worse finances – maybe as a result of the initial language barrier – but their children are not affected in the same way.

If you’re considering taking the plunge and getting your own place but can’t work out whether you can afford the move, the team at Loop Financial are here to help. We’ll help you understand your options without overloading you with information. And we don’t care if you’re 18 or 78, we care about what’s right for you.