A new study has revealed that millennials can expect to pay a total of £1,584 a year to live at home with their parents.
Although many of us want to move out of our mum and dad’s house as soon as possible, a few people prefer the home comforts and with parents charging an average of £132 a month to live under their roof, you can see why some would want to stay.
Of that, £68 is classed as rent while the other £31 goes towards the bills and the last £33 helps with the cost of food.
However, just under one in five parents admit they are actually too embarrassed to ask their children for money despite wanting them to contribute.
More than half of parents don’t even know how much to charge for rent and everything else in the first place.
The research, which was commissioned by Compare The Market, also revealed that more than one in 10 parents have said their kids refused to pay towards household bills.
Kids refusing to pay can create a huge problem too as almost one quarter of the parents surveyed admitted they couldn’t afford to pay their rent or mortgage repayments without the extra money.
Chris King, Head of Home at Compare the Market, said:
With the cost of living increasing year on year, we’re not surprised that more than half of parents are charging their adult children to live at home with them, not only from a financial perspective but also to help teach them the true value of money.
Three quarters of parents fed back that there isn’t enough information on how much you can legitimately charge your child to live at home with you.
More than two thirds of parents believe their children should pay their way when they become adults.
However, despite parents relying on the extra income from their children, three in 10 will often be late paying their share which inevitably leads to a lot of nagging.
Cleverly though, just under one in 20 mums and dads charge their children interest for any delayed payments.
