The rising expense of living is anticipated to increase the number of “boomerang children,” according to a recent analysis by Aviva.
More than one-fifth of individuals living independently are pondering moving back in with their parents, as many continue to struggle in the face of 40-year high inflation and soaring rents.
The average annual household energy cost will increase to £2,500 per year beginning this month.
Aviva surveyed 1,500 parents and 1,500 adult children aged 18 or older for its study. One in twenty persons over the age of 18 who had moved out of their parent’s house stated they intended to return.
9 percent said they had discussed the idea with their parents but had not yet made detailed preparations, while 8 percent said they had considered it but had not yet brought it up.
Parents are even more certain that their children will come home, with nearly three in ten reporting that their child either intends to or has expressed interest in doing so.
It means that up to two million additional young Britons between the ages of 18 and 34 may return home, adding to the 4.8 million who already reside with their parents, according to ONS data.
The largest reason mentioned for remaining with or returning to their parents’ houses was financial.
Two-fifths of those surveyed said they were attempting to save money to purchase a property, while 28% said they could not afford rental costs and 26% were driven by the rising cost of living.
Two-fifths of parents said that the cost of living had led to conflicts with their children.
Nonetheless, many families viewed their intergenerational living situations favorably.
Two-fifths of parents with adult children living at home reported that their family was satisfied with the living arrangement and that their child had no wish to leave. One in eight parents stated that it would be “perfect” if their child never left home.
Kelly Whittington, director of property claims at Aviva UK, stated, ‘The ‘boomerang children’ trend has been prevalent for some time, but our data indicates the United Kingdom may experience a new increase.
As the cost of living rises, young adults may be more likely to move back in with their parents.
It is heartening that many parents and children are content with the arrangement, even though financial concerns play a significant role in people living in the family home for longer.
Parents ask adult offspring to pay a higher portion of the rent.
Home addition, the study indicated that many parents asked their adult children to contribute to household expenses if they opted to move back in.
About half of parents reported that their children paid for their room and board, while one-fourth reported that their children helped in other ways, such as by paying for meals or other expenditures.
The average monthly rent paid by parents from their children was £197, although more than a fifth of these parents believed this was insufficient.
Notably, one in eight parents in these households had requested that their children pay more rent, and a further third had considered doing so.
When adult children were asked about their contributions to their parents, they claimed to pay more than their parents normally reported — an average of £318 per month, with 72% of children claiming to pay rent.
Only 6% of young adults confessed they did not make any financial contributions, while 22% said they bought meals or paid bills in place of rent.
