Over three quarters (78 per cent) of the boomerang parents enjoy having their children move back in with them. Those in Northern Ireland the most enthusiastic (89 per cent) about playing happy families, whilst parents in the East Midlands are the least happy about the situation, with almost a fifth (18 per cent) saying they don’t enjoy living with their children again.
The tough economic times are a contributing factor in the number of people deciding to move back in with their parents. Over one in 10 over 50s who have ‘put up’ their adult children again after they first left home did so to help their children out in times of financial difficulties. A further 17 per cent have provided accommodation for their adult children following a divorce or separation.
While many children return home after completing university (26 per cent), planning for a short stay while they find their feet, it seems many children may be outstaying their welcome.
Almost a fifth (17 per cent) have moved back in with their parents for over a year, suggesting parents may be making their lives a bit too comfortable! Londoners are the keenest to stay put (25 per cent), perhaps because they are delaying having to pay for the high cost of living in the capital.
A quarter (27 per cent) of parents asked for a financial contribution towards the increased household bills, but 28 per cent didn’t want any financial assistance. 16 per cent of children contributed financially even though their parents did not ask for help, whereas, 15 per cent of children are unwilling or unable to contribute at all.
Even if their children do contribute to the household bills, many over 50s could still find themselves out of pocket as a fifth (16 per cent) of parents even go so far as to make changes to their own property to house their offspring comfortably. Brits should also be aware that if changes are made to a property that increase the amount of bedrooms, they should notify their insurance company to make sure they have sufficient Buildings and Contents cover.
Andrew Goodsell, executive chairman, Saga Group, comments "It is good to see that you can always depend on your parents in times of emotional and economic difficulty. But don’t forget the financial implications of moving home, such as the cost of food and energy bills and any increase in insurance cover that maybe needed for extra valuables in the home".
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