Millennials are paying £1,584 a year to live at home with mum and dad

Astrid Hall
Monday 26 February 2018 14:44
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Millennials can expect to pay a total of £1,584 a year - to live at home with mum and dad, according to research.

A poll of 1,700 parents with adult children living at home found they typically charge their offspring £132 a month to continue to live under their roof.

Of that, £68 is classed as rent while parents also ask for £31 towards the bills and £33 to help with the cost of food.

However, just under one in five parents admit they are too embarrassed to ask their children to cough up - despite wanting them to contribute.

And more than one in 10 even said their kids have completely refused to pay towards the household bills.

The study was commissioned by comparethemarket.com to identify parents’ understanding of the ‘hotel generation’, which revealed more than half are unsure of what they should actually be charging in the first place.

But almost one quarter admitted they can’t afford to pay their rent or make mortgage repayments without the extra money from their kids.

Chris King, Head of Home at comparethemarket.com said: “With the cost of living increasing year on year, we’re not surprised that more than half of parents are charging their adult children to live at home with them, not only from a financial perspective but also to help teach them the true value of money.

“Three quarters of parents fed back that there isn’t enough information on how much you can legitimately charge your child to live at home with you.

“With this insight, we wanted to create a handy calculator tool so parents can see just how much the cost of rent, electricity, gas and food bills could cost in every local area around the UK.”

The research found more than two thirds of parents reckon that, as adults, their children should pay their way.

And six in 10 charge their grown-up children housekeeping because they feel it teaches them how to manage money.

But while the majority of adult kids living at home make their payments on time, three in 10 will often be late in paying their share, leaving their parents chasing them for money.

As a result, just under one in twenty mums and dads charge their children interest for any delayed payments.

Comparethemarket.com has created a tool which calculates exactly how much parents could be billing based on a multitude of factors determined by location, including local rent, food, gas and electricity prices: https://www.comparethemarket.com/home-insurance/content/pa-rental/

SWNS

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