Cost of living: One in five move back in with parents as household bills soar
Research has shown young adults in the UK are being forced to return to their childhood homes, moving back in with their parents as the cost of living soars.
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Research by Capital One UK has shown one in five (17%) young people in the UK have moved or are planning to move back into their family home, due to the current cost-of-living crisis. Nicknamed ‘generation boomerang’, the regression to childhomes homes is linked to sky-high energy & food bills, according to the study of the nation’s parents and guardians.
The trend is showing no signs of slowing, with one in three (34%) parents facing the prospect of having their older children move back in with them, if the cost-of-living crisis gets any worse – and nearly half (43%) having friends whose adult children have already moved back in with them.
With additional mouths to feed, this has put a strain on the pockets of parents at a time when prices are increasing. The research shows the cost implications of returning young adults are hitting families hard – with the average parent expecting their energy & food bills to rise by £272 a month.
Research also indicates that two years and three months is the maximum time, on average, that parents can afford to financially support the return of their adult children. However, three quarters (73%) of parents and guardians stated they would welcome their children home with open arms if they were struggling financially, and two thirds (67%) view it as their responsibility and will always be there for them.
Financial Educator and Founder of This Girl Talks Money, Ellie Austin-Williams, is working with Capital One UK to offer her top tips to parents of boomerang children. She said: “It’s becoming increasingly common for once independent young adults to move back into the family home, and navigating the dynamics of this can be challenging for everyone involved.
“Whether a welcomed reunion or burden, it’s important to ensure boundaries are set, and met. Consider discussing bill contributions early on to avoid any later misunderstandings, work with them to set new financial goals and break-down the taboo of “money talk” by encouraging a more open conversation around the topic.”
Top stresses experienced by parents and guardians due to children returning home
- It would increase my cost of living - 55%
- They would leave a mess around the house - 33%
- They would not pull their weight with the family chores - 27%
- Generational differences - 25%
- They’d bring all their stuff which we don’t have room for - 24%
- They spend ages in the bath/shower and use all the hot water - 23%
- Not getting any privacy - 23%
- They don’t switch off appliances properly after using them - 21%
- I’d run out of things like toilet paper and toothpaste faster - 18%
- They would turn the heating all the way up - 17%
- They’ll want to watch things I don’t want to on telly - 16%
- They would not pay any rent or contribute towards food or bills - 16%
- We don’t have enough room - 15%
- They would take advantage - 14%
- I won’t have a spare room anymore - 14%
- They would eat all of our food - 13%
- They’d play their music too loud - 11%
- They would bring friends over - 11%
- They’ll want to eat different things due to dietary requirements - 10%
- They would be slow to pay rent - 9%
- They’d want to bring partners over to stay the night - 8%
- They’d bring their friends over so the house was full - 7%
- They’d expect to borrow my car - 5%
- They haven’t got a bedroom, so they’ll have to sleep on the sofa - 5%
- I would have to live with my grandkids - 5%