One in Five Forced to Move Back to The Family Home

New research into the financial impact of young adults returning home reveals what this means for families during the cost-of-living crisis.

This is having a strain on the pockets of parents, with the average parent expecting their energy and food bills to rise by £272 a month. Despite this, three quarters of parents and guardians would welcome their children home with open arms if they were struggling financially

Back like they never left, young adult Brits are being forced to return to their childhood bedrooms according to new research by Capital One UK. The aptly named ‘Generation Boomerang’ are shacking back up with their parents, as a result of rising rents and sky-high energy and food bills, according to the study of the nation’s parents and guardians.

TREND SHOWS NO SIGN OF SLOWING

One in three (34%) parents face a similar situation if the cost-of-living crisis gets any worse. Nearly half (43%) have friends whose adult children have already moved back.

The research shows the cost implications of returning young adults are hitting families hard – with the average parent expecting their energy and 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.

LOVE CONQUERS ALL IN A CRISIS

Three quarters (73%) of parents and guardians state they would welcome their children home with open arms if they were struggling financially, and two thirds (67%) view it as their responsibility to always be there for them. In fact, nearly half (42%) of parents admitted to worrying that they will always have to financially support their grown-up children.

NAVIGATING THE DYNAMICS CAN BE CHALLENGING FOR EVERYONE

● 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%)

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 openness. The research shows that some things never change, and we do regress when we return home.

OTHER TOP STRESSES DUE TO GENERATION BOOMERANG

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%

I’d have to give up my lodger’s room for my child – and not get the extra lodger income - 1%