Artful Lodgers pick parent's pockets
HOWEVER MUCH YOU LOVE YOUR KIDS – THERE’S AN EXPECTATION THAT THEY WILL EVENTUALLY LIVE INDEPENDENT LIVES... WON’T THEY? ASKS TRICIA PHILLIPS
HAVE your children flown the nest yet or have you got a 27-year-old still raiding the fridge, filling the laundry basket and flopping on the couch watching Netflix?
If you have, then you are far from alone.
Dubbed the ‘Artful Lodgers’ due to the canny way they cut costs by staying with their parents, there are currently some 3.4 million young adults living with parents – and 88,000 are over the age of 30.
Adult children living at home cost parents an average £1,780 a year in added household expenses, according to a new study.
Half of parents say that they love having their grown-up kids living at home and wish they could stay for ever.
But one-in-eight say it puts pressure on their finances, onein-10 admits it has affected their relationship with their partner, while one-in-seven would like their adult children to move out, according to a report by investment firm Fidelity International.
The key reason is cost as twothirds of people in their 20s and 30s don’t feel prepared to buy a home, mainly because they can’t afford to. Others have moved out and then moved back after a change of job or a failed relationship.
So what should you and your adult children be doing to make this co-habiting situation work? Here are a few helpful tips:
Have the financial chat about rent. Don’t shy away from asking them to contribute. Even if you don’t need the cash, save it as a bonus towards a house deposit
FOR PARENTS WITH CHILDREN STILL AT HOME OR BACK AT HOME
■ Have the financial chat about rent. Don’t shy away from asking them to contribute. Even if you don’t really need the cash, you don’t do your children any favours not getting them in to the habit of having to pay a regular bill. Think of it as a bit of financial education.
You could save the cash up and give it to them as a bonus towards a house deposit – or build up a financial safety net for you.
■ Set rules from the start on what you expect, whether that’s help with housework, food shopping or even not wearing shoes in the house.
■ If your child has lived away from home, moving back will be a big adjustment. You’ve all been used to your space and independence. They’ve grown up, so it’s important you treat them like an adult now.
■ If you’re unhappy with the new living situation, resolve things before they escalate. Chat about the good and bad. ■ Be open about the future and your expectations. There may not be a set plan but it’s important to have a rough idea of how long they’ll be staying.
FOR ADULT CHILDREN LIVING AT HOME OR HAVING MOVED BACK HOME
■ While the adjustment of moving back home after having your independence can be a little challenging, remember your parents are helping you out.
Moving back is a stepping stone to your next adventure, whether that’s travelling or getting on the property ladder.
■ Things will have changed since you previously lived at home. There may be rules you’re not keen on – remember it’s their home.
Talk about anything you’re unhappy with. For this living arrangement to work, you must be respectful.
■ Discuss your rent contribution. It’s important you agree an amount that’s realistic for everyone. If you don’t have to pay any, offer to help in other ways – cooking or buying the odd bag of groceries.
■ It’s easy to revert to your younger self but if you want to be treated like an adult you need to act like one. Take on chores – whether that’s cooking, cleaning or doing the washing.
■ Before moving back have a plan or a goal to work towards. Are you trying to buy a home? Saving to rent or go travelling?
Take full advantage of this cheaper living arrangement. Don’t simply blow all your cash, save a decent chunk every month to give you a more secure financial future.