New research from a moneysaving website in the UK has revealed that young adults still living at home with their mum and/or dad have more disposable income than their parents; with 37 per cent admitting they do not contribute to the household bills in any way, such as rent/mortgage, food shopping or utility bills.
www.VoucherCodesPro.co.uk conducted the poll as part of an ongoing research into the financial circumstances of various age groups around the UK. 1,784 people aged between 18 and 30 took part in the poll, each of whom was still living at home with at least one, or both, of their parents. All respondents were in employment at the time the poll took place.
According to the study, 37 per cent of young adults still living at home who took part in the poll did not contribute financially to their household at all; such as by paying for bills like rent or mortgage, utility bills or food shopping. When asked why this was the case, 53 per cent said that their parents had ‘never asked’ and 21 per cent felt that they ‘shouldn’t have to’. 34 per cent of the people who admitted to not contributing financially in their household said that this was despite the fact their parents had actually asked them to.
When asked what their disposable income was each month, after all of their outgoings were taken into account, the average answer stated amongst the young adults was ‘£476.21’. However, when asked to estimate the disposable income of their parents (individually) each month, the average answer stated amongst those who knew was ‘£129.00’. Respondents were asked to confer with their parents where possible to ensure accurate answers.
Therefore, young adults still living at home with their parents have, on average, £347.21 more in terms of disposable income than their mum or dad. When asked what they tended to use their disposable income to purchase, the most common answer was ‘alcohol/nights out’ (41 per cent) closely followed by ‘takeaway food’ (26 per cent) and ‘clothes’ (17 per cent).
George Charles, spokesperson for VoucherCodesPro.co.uk, said the following: “To see that young adults living under their parents’ roofs have so much disposable income and many aren’t paying their way, whilst their mum and dad get by with much less spare cash, is really alarming.
“Perhaps parents with adult children living with them need to put their foot down and start charging their offspring a bit of rent here and there. It’s better for them to know what to expect once they have to stand on their own two feet and then the parents might up with a bit more disposable cash in their back pockets.”
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