With record student debt and sky-high housing prices, a quarter of the nation’s 18-34 year olds now move back in with the parents in order to save a deposit for a flat or house. And that’s even if we’re renting.
A staggering 4.5 million adult children currently live with their parents, and as anyone who has done it will know, “boomeranging” back to the ’rents can put emotional and financial strain on all concerned.
Moving back home costs your folks £1,042 per year, according to the new research from MoneySuperMarket. Just 38% of adult children pay rent to their parents and those that do pay contribute £6 per night on average.
[READ MORE: How to successfully move back to your parent’s house]
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Most adult children move home to save for their own place (36%), the survey of parents and adult children revealed, but this is not the only reason.