A fifth of independently-living adults are contemplating moving back in with parents to cope with the rising cost of living, according to a new study.
The research, by insurer Aviva, questioned 1,500 parents and 1,500 adult children in different living arrangements.
Among adults who have left their parents’ homes, one “child” in 20 - five per cent - says they intend to move back. A further nine per cent have discussed the idea with parents, but are yet to make specific plans, while another eight per cent have thought about it, but not yet broached the subject with parents.
Parents are even more convinced that their children will return, with 28 per cent saying their child either plans to move home or has shown an interest in doing so.
Government figures show 4.8m between the ages of 18 and 34 live with their parents in the UK.
The study also reveals parents living with adult children may be looking to them for financial support. Around half of adults in this situation say their children pay rent for their bed and board, while a quarter contribute in other ways, such as paying for food or other bills.
Of those who collect rent from their children, the monthly average received is £197, but more than a quarter of these parents feel this amount is too little. Food is overwhelmingly the biggest cause of costs for parents in this position.
Notably, one in eight parents in these households have asked their children to start paying more and an additional third have considered increasing their children’s rent, but have yet to do so.
Two fifths of these parents also admit that the cost of living has caused conflict in their household with their children.
However, there is positive news in the living arrangement too. Two fifths of parents say the family is happy with the living arrangement and their child has no desire to move out. One parent in eight (12%) feels it would be ‘ideal’ if their child was never to leave home.
Kelly Whittington, Aviva UK property claims director, says: “The ‘boomerang children’ trend has been around for some time now, but our research suggests the UK could see a new spike. As people count the rising cost of living, young adults may be even more likely to return home to mum and dad.
“Financial factors are a key consideration, leading to people staying in the family home for longer – but it is reassuring that many parents and children are happy with the arrangement too.”
Additional findings from the Aviva study include:
- Parents most commonly feel that 25 is the ‘ideal’ age for children to leave their home - and this is echoed by the adult children surveyed;
- Some 12 per cent of parents feel it would be ideal for their children never to leave home, compared to just three per cent of adult children who plan never to move out;
- Three fifths of adult children who live with parents have moved out at least once, and then returned to live with parents. A fifth of people in this group have done this on more than one occasion;
- Two fifths of parents feel that adult children living with their parents is more common nowadays and there is no taboo associated with the arrangement – although only a quarter of children say the same.
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Paying rent is the biggest barrier to young people saving for a deposit. Moving out because you are now an adult and want your own space is likely to put a huge dent in your future finances. Staying at home and saving hard is the best way to get on the housing ladder and many families seem to have recognised this.
A lot of parents live miles from where their children work. The biggest reason for people moving into my graduate HMOs is that commuting from their parents house is taking around 2 hours every day and the travel costs are pretty much the same as rent. By the time they've had to turn down overtime or social networking opportunities the case for living close to work is even stronger. So it boils down to location and independence versus cooked meals and laundry.
Most of us babyboomers lived at home until we purchased a property, that's the way it was
Or got a Council house, which were readily available back then.
My son came back home after University, got a job locally for a couple of years. Then he got a better job about an hours drive away and started renting. After another year he realised he wanted to stay permanently near his work and had managed to save up enough to buy a house. While he was living with his parents we did not charge him any rent and he saved almost all of his earnings as he did not drive or have a girlfriend. That's how he managed to save for his house.
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