Despite growing up and spreading their wings, a third (31%) of parents have welcomed their ‘boomerang’ adult children back to the family home according to new research out today.
The research conducted by Saga Home Insurance, reveals that over three-quarters (78%) of over 50s enjoy having their children move back in with them – and today’s turbulent economic times are a contributing factor.
Over one-in-ten 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% have provided accommodation for their adult children following a divorce or separation.
While many children return home after completing university (26%), planning for a short stay while they find their feet, it seems many children may be outstaying their welcome.
Almost a fifth (17%) have moved back in with their parents for over a year, suggesting parents may be making their lives a bit too comfortable!
A quarter (27%) of parents asked for a financial contribution towards the increased household bills, but 28% didn’t want any financial assistance. 16% of children contributed financially even though their parents did not ask for help, whereas, 15% 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%) of parents even go so far as to make changes to their own property to house their offspring comfortably.