Yahoo Finance 'Hotel of mum and dad' costs parents £1640 a year
Adult children are costing their parents over eight times more than they were in 2018, research shows.
A survey of 1,000 Brits by MoneySuperMarket found adults who move back into their parents’ home to save money now cost their parents over £1,600 during their stay – 83% more than this time last year.
Returning children are staying for about 10.3 months in 2019 – up from 9.7 months in 2018 – enabling them to save £6,829 overall.
READ MORE: Your kid is moving back home? How to make the most of it
Recent research shows over a quarter of the nation’s millennials and young professionals are now moving back home to save money for that all-important flat or house deposit.
Popular reasons cited for moving back in with parents include the rising cost of living (26%) and Brexit (11%).
And while the average rent contribution is £212, nearly half (48%) of children don’t offer to pay anything during their stay.
READ MORE: Millennials are more likely to live at home than any other young adults
The cost of housing and catering for a returning child is increasingly having an impact on parents’ finances, with over twice as many parents cutting back on lifestyle choices.
Two in five (44%) admitted to limiting holidays, weekends away and luxuries to be able to accommodate their children, compared to 19% in 2018.
Parents are also spending more to update their homes before children return – up from £1,743 to £1,886. Re-decorating a bedroom (15%), buying new furniture (10%) and upgrading the wi-fi (6%) are some of the most common changes made.
READ: Here's how many millennials are living at home in every US state
What’s more, the growing “hotel of mum and dad” has also become increasingly comfortable since 2018, with children receiving additional services as part of their stay.
A whopping three in five (59%) adult children now have their sheets washed by their parents, up from a slightly smaller 46% in 2018.
More than half (55%) even have their washing up done, up from 49%.
A third 35% have their breakfast made for them, up from a quarter in 2018.
READ MORE: Parents, adult children buying home together has pitfalls
“Kidults” are also more likely to take advantage of subscriptions.
Almost a third (32%) of adults use their parents’ Netflix account, up from 29% in 2018, and one in 10 use their parents’ Spotify, up from 6%.
