Bank of Mum and Dad foots £2,700 bill for children coming home
ADULT children moving back in with their parents during lockdown cost mum and dad £2,700, a study by Barclays found.
Many young adults returned to their childhood homes during lockdown, often to escape cramped living conditions in cities and take advantage of their parents’ spare bedrooms.
Polling by AJ Bell, a savings firm, for The Daily Telegraph suggested that nearly one in 10 young people moved back in with their parents for at least part of the lockdown.
The research by Barclays showed that this came at a cost. A survey on the additional spending of around 1,000 families in such a position suggested they spent £2,702 extra for items such as energy bills and food over an average 10-and-a-half-week stay.
Jo Harris, of Barclays Money Mentors, which provides support with finances, said: “As someone who has moved in with their parents during lockdown, I know first-hand how much of an adjustment it can be and how uncomfortable approaching the topic of money can feel.
“Like many, I’ve been very fortunate that my parents haven’t charged me rent but I think it’s really important to keep communication as open and hon- est as possible, so we did have a frank chat about how I would contribute during my time back at home.”
The survey by Barclays suggested 90 per cent of parents had not asked their children to contribute, despite the increased costs. However, 51 per cent of adult children had chipped in to the cost of running the family home where possible.
Laura Suter, an analyst at AJ Bell, said: “Lots of people have decided to move back in with their parents during lockdown, maybe because they couldn’t face living and working in a house share, because they’ve taken a hit to their income and want to save some cash, or because they want help with childcare while schools and nurseries are shut.
“Parents should tackle the tricky topic of money early on so that no one gets resentful.
“If they’re still getting their normal income it’s only fair that the kids should pay their way, particularly for food or extra bills.”
The Barclays research found that parents were forced to pay an average of £26.59 extra on petrol, £25.30 on food shopping and £22.09 on wine, beer and spirits. Meanwhile, families enjoying takeaways together spent an estimated £19.09 more than expected.
Dr Peter Brooks, Barclays head of behavioural science, said parents should be confident about talking to their children about money and be direct, rather than “skirting around the subject”.