New research has revealed that over half of British adults aged 21-30 are still living with their parents, in a bid to save up for house deposits. Findings also indicated that adults still living at home save, on average, £400 a month living with their parents.
Resisting the urge to flee the nest and instead save money by staying at home is becoming a far more common occurrence past the age of 20, with over half of Britons aged 21-30 admitting that they still live with parents in their childhood homes. Research also found that parents often find themselves financially supporting their adult children, with the average cost of supporting an adult child emerging as £310 per month.
The team at www.VoucherCodesPro.co.uk conducted the research as part of an ongoing study into British attitudes towards their housing situation. A total of 1,532 Britons aged 21-30 were polled and 1,490 adults aged 45 and over, all of whom stated they had at least one child aged 21 and over still living at home, were quizzed for the purposes of the study.
Initially, all respondents aged 21-30 were asked if they still currently lived with their parents, with over half, 52%, stating that they still reside in their family home. These participants were then asked why this was, with 69% stating it was to save money for a house deposit, and 22% confessing they didn’t have enough money to rent their own property at present.
Following on from this, all of the individuals aged 21-30 that still live with parents were asked “How much money do you save, on average, each month as a result of living with parents?” From this, researchers took each answer and calculated the average which emerged to be £400 a month, amounting to £4,800 each year.
Next, relevant participants were asked “If you could move into your own home, either owned or rented, right now, would you?” to which 51% stated they would. The 49% who answered that they would not were asked why they would rather stay put; 65% answered that they like being able to save as much money as possible, 27% said they like ‘having everything done for them’ by their parents and the remaining 8% revealed that they thought their parents would ‘miss them too much’.
Relevant respondents were then asked “Do you pay rent to your parents?” to which 71% stated they did and 29% stated they did not. The average monthly rent paid to parents emerged as £150.
Following this, all parents polled were asked how much they spent, on average, on their child who was still living at home. From this researchers were able to calculate that parents spend £310 each month on their child.
Parents were asked what it is they spend the most money on each month for their adult child; the majority, 64%, said it went on food, 27% said it was on travel and 9% said social activities.
George Charles, spokesperson for www.VoucherCodesPro.co.uk, made the following comments:
“With the housing market in the situation it is currently, it is definitely much harder for young adults to move out of their parents’ house as early as those a few generations ago could. However it is shocking that so many do not pay rent to their parents, especially as the amount they pay on average is just so high. I think if young adults do need to stick around longer than planned because they can’t afford their own place that’s fair enough but they should definitely still pay their way.”