Young adult Brits are being forced to move back home with one in five (17%) having moved or are planning to move back into their family home, due to the current cost-of-living crisis, according to new research by Capital One UK.
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. And there’s a time limit too – with the research indicating that 2 years and 3 months is the maximum time, on average, that parents can afford to financially support the return of their adult children.
However, the research shows that love really does conquer all – including a cost-of-living crisis. 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 up 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.
Ellie Austin-Williams, Financial Educator and Founder of This Girl Talks Money
It’s no secret that the current economic climate is having a detrimental impact on both modern Brits and their families, with a fifth (20%) of parents admitting to worrying constantly about supporting their adult children financially through the cost-of-living crisis.
The research shows that some things never change, and we do regress when we return home. According to the nation’s parents some of the weird and wonderful worries include:
● Constant mess around the house (33%),
● Not helping out with family chores (27%),
● Arguing about generational differences (25%),
● Cluttering up the house (24%)
● Using up all the hot water (23%)
In fact, nearly half (42%) of parents admitted to worrying that they will always have to financially support their grown-up children.
Joanne is the editor for Workplace Wellbeing Professional and Family History Zone. After obtaining a bachelors degree in English literature and media studies, Joanne went on to spend two years of her life writing and teaching English in China and Vietnam. Prior to joining Black and White Trading, Joanne was a marketing coordinator for luxury property in Brighton focusing on blog writing, photography and video creation.