Living costs and Brexit prompt a quarter of adult children to return home

The research found that a quarter of the nation’s millennials and young professionals are now moving back home to save money for a flat or house deposit.

Children who move back home to save money cost their parents over £1,600 during their stay, 83% more than this time last year.

The findings also show that returning children are staying with their parents for longer, up from 9.7 months in 2018 to 10.3 months in 2019 – enabling them to save £6,829 overall. While the average rent contribution is £212, nearly half of children (48%) don’t offer to pay anything during their stay.

Popular reasons cited for moving back in with parents include the rising cost of living (26%) and Brexit (11%).

Emma Craig, spokesperson at MoneySuperMarket, commented: “With house purchases flatlining since the June 2016 Brexit vote – from a yearly rate of 8.2% to just 0.9% in June 2019 – it’s perhaps not surprising that children are staying longer at the ‘Hotel of Mum and Dad’.

“And with kids at home for longer, it’s natural parents are feeling the pinch even more. While our report shows they’re clearly happy to help out financially, it’s important to work out what those extra costs are upfront in order to ensure harmony at home. Both generations can then be transparent about any contributions being made to the household budget, so that no one receives an unexpected bill on moving out day.”