Parents braced for return of more ‘boomerang kids’
YOUNG adults are set to return to their parents’ homes in droves as the cost-of-living crisis deepens, research for The Mail on Sunday shows.
A fifth of supposedly independent adults aged 18 to 34 say are considering such a move to avoid rising rent, energy and food bills.
‘That would work out at two million people – a movement back home on the scale seen in Covid,’ said Kelly Whittington, from insurers Aviva, who worked on the study. ‘Of course, not this many will take the step. Many will not want to actually give up their freedom, and naturally mums and dads would need to be on board. But it shows how families are looking to get together to weather the financial storm.’
The growth of the so-called ‘boomerang generation’ could mean added costs for the parents if their offspring do not pay towards bed and board. Figures on whether young adults who return to the family home contribute – and by how much – depend on who you ask.
Half of parents say they receive a rent payment, averaging £197 a month. Yet of the younger generation, three-quarters claim they contribute an average of £318 a month.
Researchers found that of the young adults who have left their family home, one in 20 firmly intend to move back. A further nine per cent have discussed the idea with parents but have yet to make specific plans. Another eight per cent have thought about it but not yet broached the subject.
Parents are even more convinced their children will return – with almost three in ten saying their child either plans to move home or has shown an interest in doing so. Already, 4.8million UK adults aged between 18 and 34 live with their parents, according to the Office for National Statistics.
Money concerns are the main reason children stay with parents. Two-fifths are saving up to buy their first home, 28 per cent can’t afford to rent and 26 per cent specifically pointed to the costof-living crunch.
Two-fifths of parents with adults living at home say everyone is happy with the arrangement. But of the offspring, just a quarter say they are content.
Aviva quizzed 1,500 parents and 1,500 adult children for the Mail on Sunday study.