Skip to main content

No results found

Hanborough Gate banner
Living, Homes, Knowledge, Curiosities, Perspectives

Hotel of Mum and Dad

‘Boomerang Children’ save up to £17,233 each year

divider
Hotel of Mum and Dad Sterling Money Notes Falling

Barratt Homes surveyed over 1,000 parents with boomerang children living at home and found that 98% believe children over 18 should contribute financially towards the household. However, over half don’t actually charge their children anything.

Of those that do, their boomerang children are paying up to 90% less than the average cost of rent, bills, food and general living costs in the UK.

That equates to saving almost £500 each month and over £1,500 for those in London, compared to what they’d be spending living away from home in a shared two-bedroom apartment.

The hotel of Mum and Dad follows the bank of Mum and Dad. Not only are parents financially helping their children get onto the property ladder, but they are also now playing the role of landlord too. The research defines the boomerang generation as those aged over 18, who have returned to the family home having previously lived away.

To cover the cost of having their children living back home, parents outside London are charging their children a modest £55.92 a month in rent on average, plus £18.74 towards bills – not including food – which adds a further £21.54 to their total household contribution.

An additional one in five parents also charge their children for household toiletries like toilet roll and toothpaste, that they would otherwise use for free, which adds £7.10 to their outgoings.

This suggests the boomerang generation, living outside of the capital, are saving an average of £489.26 per month in total.

That equates to £5,871.16 in their pockets each year, which could help to pay off student loans and other debts, or pay towards a house deposit of their own.

That’s more than half of a 5% house deposit on the average UK property price* (£228,147), suggesting it would take two years of living at home to save the full amount – and that’s supposing boomerang children don’t put away any further funds in that time.

Meanwhile, in some areas of the country – such as Bristol, Edinburgh and Manchester – children save more than £7,000, whilst parents in Brighton are helping their children save an impressive £9,195.48. This is due to only charging them 13% of what they’d be spending on rent and bills away from home.

In London, undoubtedly the most expensive place to live in the UK, that figure reaches a whopping £17,233.44, where parents charge a mere 8% of the average living cost in the area.

A further notable finding from the research suggests that higher income households – especially those with parents bringing home a combined £75,000 or more – request the largest contribution from their children despite having the most disposable income.

You can explore the research and results in more detail, here.

RECOMMENDED

LUNA CHRIS 3 FIXED FOR BROCHURE gyvumx
Tue 21 Jan 2020

How to Choose The Perfect Sofa

Take Your Seat in Style

Interior designer Amanda Hanley gives her expert advice on how to choose the perfect sofa for your home, family and lifestyle. Choosing the perfect sofa for your room in one of the most important

Myla 4
Mon 20 Jan 2020

  Every 20 minutes someone in the UK is diagnosed with blood cancer and the register of stem cell donors – who are needed to save thousands of patients’ lives – does not

New Year New Home 18.01
Thu 16 Jan 2020

Graven Hill, the UK’s largest self and custom build development in Bicester, Oxfordshire, is inviting prospective homeowners to a ‘New Year, New Home’ event on Saturday 18 January.

2 gsgsam
Tue 31 Dec 2019

A Band of Brothers

20 in 2020

A Band of Brothers is a fast growing, community-based organisation established ten years ago, seeking to improve the lives of young men who are in crisis, by providing them with mentoring and