Generation Boomerang – living in harmony with your adult children
With soaring costs of living and property prices, it is well documented that more and more grown-up children are having to move back home.
But how are both parents and their adult off-spring coping with the changes that brings?
According to new research from Capital One UK, approximately one in five (17 per cent) of young adults have moved or are planning to move back into their family home, due to the current cost-of-living crisis.
“Generation Boomerang” is seeing these adults move back into their childhood bedrooms and having to find a way to co-habit in harmony with their parents.
Financial educator and founder of This Girl Talks Money, Ellie Austin-Williams, says: “It’s becoming increasingly common for once independent young adults to move back into the family home, and navigating the dynamics of this can be challenging for everyone involved.
“Whether a welcomed reunion or burden, it’s important to ensure boundaries are set, and met.
“Consider discussing bill contributions early on to avoid any later misunderstandings, work with them to set new financial goals and break-down the taboo of ‘money talk’ by encouraging a more open conversation around the topic.”
The Generation Boomerang trend is showing no signs of slowing, with one in three (34 per cent) parents now facing the prospect of having their older children move back in with them if the cost-of-living crisis gets any worse, according to the research.
And nearly half (43 per cent) say they now have friends whose adult children have already moved back in with them.
With additional mouths to feed, this has put a strain on the pockets of parents at a time when prices are increasing.
The research shows the cost implications of returning young adults are hitting families hard – with the average parent expecting their energy and food bills to rise by £272 a month.
And it also indicates that two years and three months is the maximum time, on average, that parents can afford to financially support the return of their adult children.
According to the research, parents believe their adult children do regress when they return home.
The biggest gripes include constant mess around the house, not helping out with family chores, arguing about generational differences, clutter and using up all the hot water.
However, the research also shows that love really does conquer all.
Three quarters of parents and guardians said they would always welcome their children home with open arms if they were struggling financially, while two thirds view it as their responsibility and say they will always be there for their off-spring in times of financial hardship.