It seems the days of not worrying about providing for your children once they have flown the nest at eighteen maybe a thing of the past. VoucherCodes.co.uk’s UK Parents & Cost of Living Report* reveals almost seven in ten parents (68 per cent) with children aged over 18 say they are still living at home with them.
With parents contending with soaring prices, those whose children live with them well into adulthood are paying on average £70.21 extra per month to cover their outgoings, for food, petrol, and energy bills. This amounts to a staggering £842.52 a year.
This average increases to £78 extra a month for parents in the North East, or £936 a year, while it drops to an added £65 a month for parents in the South East.
Stay-at-home kids and expanding costs
The UK Parents & Cost of Living Report shows one of the main reasons behind the high number of adult children still being at home was job hunting with 31 per cent of adult children living at home temporarily while they look for employment.
Not moving out while parents go without
Two in five of these parents who are still looking after adult children admitted they have cut down on spending on themselves in order to provide for their grown up kids as they continue to live with them (39 per cent). The UK Parents & Cost of Living Report found a third of adult children living with their parents have no intention to move out (37 per cent) meaning, for many parents, this is not a short term budgetary measure. This figure rises to 50 per cent of sons and daughters in the North East dwelling in their parents’ home while this falls to 29 per cent in the South East.
UK Parents accommodate their children in more ways than one
The report asked those parents with adult children at home how they tackle the additional cost of their children living with them after age 18 and found that the top five measures are:
Duncan Jennings, co-founder of VoucherCodes.co.uk comments: “Many factors may have contributed to the rise in adult children seemingly staying home for longer. Property prices increasing and high unemployment mean younger people can be moving out of the family home later, as they try to save money. However, it is easy to forget that parents can also be struggling to make ends meet and the cost of providing for children, no matter what age, on top of themselves for longer than expected does add an extra level of financial responsibility.”
“Over a third of savvy families have turned to online voucher codes in order to adapt to their situation and make their money go further. By always checking for online deals, families can shop at the nation’s best loved retailers affordably without scrimping on quality. Parents can also ensure they are always aware of the hottest offers by signing up to voucher site’s newsletters or alerts, allowing them to stack up significant savings over time.”
Notes to editors:
* Research of 1000 UK parents aged over 18yrs was carried out by One Poll between 26th to 28th March 2013