Britain’s youngsters returning home: The number of boomerang children returning with their parents is set to rise due to rising costs of living
According to a new study by Aviva, the number of “boomerang children” is expected to increase due to the rising cost of living.
The insurer found that more than a fifth of adults living independently considered moving back to their parents, as many continue to struggle amid 40-year high inflation and rising rents.
It comes as the typical annual household energy bill will rise to £2,500 a year from this month.
Homecoming: Aviva research suggests up to two million young Britons aged 18-34 could return to the family nest
Aviva’s study surveyed 1,500 parents and 1,500 adult children aged 18 or older. Among adults over the age of 18 who had left their parents’ home, one in 20 said they intended to return.
A further 9% said they had discussed the idea with parents, but had not yet made specific plans, while 8% had thought about it, but had not yet broached the subject.
Parents are even more confident their children will return, with nearly three in 10 saying their child is considering moving or has expressed an interest in doing so.
This means that up to two million additional young Britons aged 18 to 34 could return to the family nest, adding to the existing 4.8 million who currently live with their parents based on ONS figures.
Financial considerations were cited as the main reason people stay or return to their parents’ homes.
Two-fifths of respondents said they were trying to raise money to buy their own home, while 28% said they couldn’t afford rental prices and 26% said they were motivated by fear. rising cost of living.
Two-fifths of parents admitted that the cost of living caused conflict between them and their children.
However, many families had a more positive view of their intergenerational living conditions.
Two-fifths of parents who had adult children living with them said the family was happy with the living conditions and their child had no desire to move. One in eight parents even said it would be “ideal” if their child never left the house.
Kelly Whittington, Property Claims Manager at Aviva UK, said: “The ‘boomerang kids’ trend has been around for some time now, but our research suggests the UK could be at a new peak.”
“As people count the rising cost of living, young adults may be even more likely to go home to mom and dad.
“Financial factors are a key consideration, pushing people to stay longer in the family home – but it’s reassuring to see that many parents and children are also happy with the arrangement.”
Parents ask adult children to pay more rent
The study also found that many parents asked their adult children to help with household costs if they decided to move in again.
About half of parents said their children paid rent for their bed and board, while a quarter contributed in other ways, such as paying for food or other bills.
Among those collecting rent from their children, the average monthly received was £197, but more than a quarter of these parents felt this amount was too low.
Notably, one in eight parents in those households had asked their children to start paying more rent, and another third had considered doing so.
When adult children were asked about their contributions to parents, they said they paid more than parents typically indicated – an average of £318 a month, with 72% of children saying they paid rent.
Only 6% of young adults admitted they had not contributed anything financially, while 22% said they had bought food or paid bills instead of rent.