16th April 2015
Despite the backdrop of a tricky jobs market and higher living costs much of the UK’s younger generations are living the ‘life of Riley’ by staying at home with their parents and paying minimal rent.
Research from TopCashback.co.uk has found that parents are charging their adult children an average of £150 per month to live at home – and shockingly many are still even making their beds, cleaning their rooms and cooking their meals free of charge.
The study revealed more children are choosing to live at home with their parents well into their adult years. Some 72% of parents surveyed still have their children aged 18 years and older living with them whilst 74% of children aged between 22 and 30 years-old are also still living in their childhood home.
With the national average salary around £26,000, adults who live at home are left with a very comfortable disposable income of more than £1,000 a month, allowing them to live a lavish lifestyle compared to those who rent traditionally or have bought a home.
Paying rent, buying food and having a cleaner would typically set Britons back £1,236.36 if they were renting privately and a staggering £3,156.34 if they were staying in a hotel. Yet those still at home are being offered a luxury life at the expense of the bank of mum and dad for only £150 a month.
The analysis found parents are waiting on their children hand and foot as 70% do their laundry and 27% clean-up after them.
When asked why they are not charging their children rent, the research reveals that parents feel guilty. Some 47% said their children cannot afford to move out and around a quarter state they would not feel right taking money from their children.
When it comes to eventually fleeing the nest, 39% of parents believe it will take their children at least three to five years to be able to save up for a mortgage. Although, a third of parents say they plan to offer their financial support by giving their children money towards a deposit to buy a house. A third who have already helped their adult children with a savings pot have given them between £5,000 and £10,000.
TopCashback consumer affairs editor Natasha Rachel Smith said: “Our research shows that as children stay living at home well into their adult years, parents are becoming part of the ‘sandwich generation’, caring for their children and their ageing parents at the same time, which can become a huge financial burden.
“Although parents can provide relief to their children by letting them live at home rent free, as well as offering a contribution to their family home children must look into the future and put careful saving plans in place to be able to eventually move out and lift the financial strain off their parents.”