16th February 2023
HOTEL MUM AND DAD… ONE IN FIVE YOUNG ADULTS HAVE MOVED BACK INTO THEIR CHILDHOOD HOME, AS THE COST OF LIVING BECOMES UNMANAGEABLE
Capital One UK polled the nation’s parents and discovered that 17 percent of previously financially independent young Brits, dubbed generation boomerang, are being forced to move back in with their parents.
And according to the survey of 2,000 mums and dads, a further one in three (34 percent) are facing the prospect of having their older children moving back in with them, if the cost-of-living crisis gets any worse.
Parents and guardians in London (42 percent), Truro (40 percent) and Sheffield (39 percent) are the most likely to be opening up their spare rooms.
Nearly half (43 percent) already have friends whose adult children have moved back in with them.
The cost implications of returning children could hit families hard with the average parent expecting their energy and food bills to rise by £272 a month, with the average maximum time guardians can afford to house their children being 2 years and 3 months.
Despite this, three quarters (73 percent) would welcome their children back with open arms if they were struggling financially.
Two thirds (67 percent) view it as their responsibility and will always be there for them, although one in three (29 percent) admit that whilst they will do it to help them out, it is far from ideal.
A fifth (20 percent) worry constantly about supporting their adult children financially through the cost-of-living crisis, with four in ten (43 percent) agreeing that the current money worries have meant that more adults are having to move back in with their parents.
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.”
Parents' biggest worries about returning offspring were an increase to monthly bills (55 percent), constant mess around the house (33 percent), not helping with the family chores (27 percent) and arguing about generational differences (25 percent).
Of those who have welcomed back adult children, one in five (21 percent) said their home was filled with boxes full of stuff, while a fifth (19 percent) admitted to having heated debates over finances.
A tenth (nine percent) of parents have also welcomed their child’s partner (eight percent) into the home, as well as masses of boxes.
Even though two thirds (60 percent) turned their child’s bedroom into a spare room, four in ten (42 percent) adult children moved back into their old bedroom.
Nearly half (42 percent) of parents worry they will always have to financially support their grown-up children, while one in three (30 percent) would happily contribute towards their grown-up child’s rent or mortgage if they got into trouble and couldn’t make payments.
Andy Clayton, Head of Brand at Capital One UK, said: “The research highlights how challenging navigating an unexpected change in personal circumstance can be; for both young adults returning to their family home, and for parents and guardians bearing the brunt of the cost of welcoming them in. With more people under one roof and ever rising prices, it's easy to see how budgeting could become harder to manage.”
“We’re proud to offer our customers support to help them use credit responsibly. It is part of our mission to drive positive change across the lending market with the best interests of our customers at heart, by doing one small, good thing at a time.”
ENDS