It’s financially harder than ever before for children to fly the nest, but parents who have children over the age of 21 still living at home could be facing a bill of nearly £20,000 per child. A recent study by Keepmoat questioned 1,000 parents with over 21's still at home to help understand the impact of rising rents and property prices on young people.
Analysing a wide range of factors, the survey calculated potential additional costs. These included the weekly food bill, to consuming extra electricity, broadband, pay TV subscriptions and water, as well as other expenses such as an increase in car or household insurance premiums. While the cost of a mortgage was not factored in, children’s financial contributions were taken into consideration.
The results were cross referenced with data suggesting those children who remain living at home after the age of 21, do so until the ripe old age of 30 and 3 months. Overall, the study reveals:
- Men cost their parents an average of £2,195 each year
- Women cost their parents an average of £2,036 each year
With the average kidult moving out of home at the age of 30 and 3 months, the total parental cost is £19,489 for men, and £19,837 for women. New-build homes firm
Keepmoat has created a useful
calculator app. The study also sought to understand exactly why children choose to remain living at home, with the top reasons emerging as:
- Saving for a deposit to buy their first home (34%)
- Failing to earn enough to move out (33%)
- Liking the quality of life (23%)
- Liking the company of living with their parents (13%)
However, it appears these domestic arrangements could be costing children more than just their parent’s hard-earned cash: more than a third (35%) have clashed with their parents over their lack of housework, 28% regularly argue over money, while 11% agree the parent/child relationship has since turned sour.
This should be a wake up call for parents; with initiatives such as Help-to-Buy, the property market isn’t necessarily unreachable for younger generations. Parents wanting to give their children a leg up on the property ladder should compare that to the £20,000 they could spend over the course of nine years.
