Adults get savings boost living with parents

Almost three quarters of parents still have children aged over 18 living with them, according to research by TopCashback.

The survey of more than 1,000 UK adults finds that 72% of parents continue to support children over 18 while 74% of children aged 22-30 still live in their childhood home. Many younger people are facing a difficult job market, low salaries and high living costs in their early adulthood.

Parents charge their children an average £150 in rent bills each month. With the national average salary at £26,000, the average adult living at home has around £1,000 in disposable income each month.

While 58% of surveyed parents think living at home provides their children with a more luxurious lifestyle, 82% don't think they could afford to move out.

Of the surveyed parents:

  • 80% buy their children's shopping for them
  • 70% do their laundry
  • 61% cook them dinner
  • 27% clean up after them
  • 20% still make their children packed lunches.

Natasha Rachel Smith, consumer affairs editor at TopCashback, said:

"Our research shows that as children stay living at home well into their adult years, parents are becoming part of the 'sandwich generation', caring for their children and their ageing parents at the same time, which can become a huge financial burden.

"Although parents can provide relief to their children by letting them live at home rent free, as well as offering a contribution to their family home children must look into the future and put careful saving plans in place to be able to eventually move out and lift the financial strain off their parents."

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