Young Britons return to the family nest: Number of boomerang children moving back in with parents expected to surge thanks to rising cost of living
The number of ‘boomerang children’ is expected to surge thanks to the rising cost of living, according to a new study from Aviva.
The insurer found that more than a fifth of adults living independently were contemplating moving back to their parents’ home, as many continue to struggle amid 40-year high inflation and rising rents.
It comes as the typical annual household energy bill will rise to £2,500 per year from this month.
Back home: Aviva’s research suggests that up to two million young Britons aged 18-34 could be returning to the family nest
Aviva’s study questioned 1,500 parents and 1,500 adult children aged 18 or over. Among adults aged over 18 who had left their parents’ homes, one in 20 said they intended to move back.
A further 9 per cent said they had discussed the idea with parents, but were yet to make specific plans, while another 8 per cent had thought about it, but not yet broached the subject.
Parents are even more convinced that their children will return, with almost three in 10 saying their child either plans to move home or has shown an interest in doing so.
It means that up to two million additional young Britons aged 18-34 could be returning to the family nest, adding to the existing 4.8 million who currently live with their parents based on ONS figures.
Financial considerations were cited as the primary reason for people remaining with or returning to their parents’ homes.
Two fifths of those surveyed said they were trying to raise funds to buy their own home, while 28 per cent said they could not afford rental prices and 26 per cent said they were motivated by the rising cost of living.
Two fifths of parents admitted that the cost of living had caused conflict between them and their children.
However, plenty of families had a more positive view of their inter-generational living arrangements.
Two fifths of parents who had grown-up children living with them said the family was happy with the living arrangement and their child had no desire to move out. One parent in eight even said it would be ‘ideal’ if their child was never to leave home.
Kelly Whittington, property claims director at Aviva UK, said: ‘The ‘boomerang children’ trend has been around for some time now, but our research suggests the UK could see a new spike.
‘As people count the rising cost of living, young adults may be even more likely to return home to mum and dad.
‘Financial factors are a key consideration, leading to people staying in the family home for longer – but it is reassuring that many parents and children are happy with the arrangement too.’
Parents ask adult children to pay more rent
The study also revealed that many parents were asking their adult children to contribute to household costs if they decided to move back in.
Around half of parents said their children paid rent for their bed and board, while a quarter contributed in other ways, such as paying for food or other bills.
Of those who collected rent from their children, the monthly average received was £197, but more than a quarter of these parents felt this amount was too little.
Notably, one in eight parents in these households had asked their children to start paying more rent, and an additional third had considered doing so.
When adult children were questioned about their contributions to parents, they claimed to pay more than parents typically stated – an average of £318 per month, with 72 per cent of children saying they paid rent.
Only 6 per cent of young adults admitted they did not contribute financially in any way, while 22 per cent stated that they bought food or paid bills in lieu of rent.