The cost of living crisis has done many things; plunge people into debt, make food a luxury, but it’s also reignited a debate as old as time.
Should people charge their adult children to live at home? And, if so, how much?
Half of parents are now charging an average of £110.71 per month in rent to their adult children to help with the cost of living, according to new research from Compare the Market.
This amounts to a measly £25.55 per week for the ‘boomerang generation’ still living with the ‘rents.
With supermarket prices continuing to rise, the most common reason is due to food bills, with 46.8% of parents taking these into consideration.
But the internet is very divided on whether parents should be charging their children to live at home or not, despite the fact that paying parents rent, as opposed to renting privately, could save Londoners an average of £23,648 per year.
A radio listener called Rachel, 43, from Bristol, told LBC that she had decided to sell her house and move back in with her parents for precisely this reason.
‘My mum and dad are on a variable rate mortgage so theirs has been going up and this morning I heard it went up again, my instant thought was about their affordability,’ she said.
‘I was working all hours and not having the time to enjoy living in my home.
‘So for both myself and my parents, the best idea is if I move in with them and we all pay one mortgage together. I just feel like I’m not living, I’m surviving.’
TikToker Lindsey Jane Gordon, 36, moved back in to her parent’s house and pays rent for the same reason.
She said: ‘Financially life is so freaking tough right now, especially if you’re single and want to try and live alone, it’s almost impossible. You’ve got to earn a really good salary, at least in the UK anyway.
‘I pay my parents rent, I help towards the ridiculous gas and electric bills we’ve had this past couple of winters, I’m contributing to the household. We’re all financially better off.’
Some parents of younger children, who have just turned 18, are asking for contributions, in part to teach them good habits when it comes to money.
A comedian and Tiktoker known as Fattdann online spoke about why he charges his daughter rent to live at home, claiming it’s to get her into the routine of having outgoing payments.
He said: ‘I charge her £30 but she’s the oldest, she’s 18 and she’s working. None of the others are working so I don’t charge them anything.
‘I still pay her mobile phone, I still drive her everywhere but it’s just getting her into the routine of every Friday she has to hand over £30.’
Another TikToker, Jordan Green (@jaystips), who is 28, shared a similar view saying: ‘If your family needs you to contribute, you need to contribute, there’s no two ways about it. Even if you’re earning £500 a month you can spare £100 for mumsy.
‘The majority of you are just going to spend it on stupid things anyway. If your parents are fortunate enough that they don’t need you to contribute, I still think out of habit they should be charging you just a little rent. They can do whatever with it.’
But not everyone agrees with this approach. TikToker Ida (@idahoe.potato) said that parents paying for their children is the ‘bare minimum’.
She said: ‘If they’re a minor, and you’re saying “I pay for your food and your housing, I keep a roof over your head” it’s like, “you chose to have that kid”.
‘It’s very common for kids to stay at home during those early 20-something years to save money because it’s very hard to afford rent these days and parents charge them rent!
‘Parents who can afford to have their kid live at home just start charging them rent out of the principle to teach them a lesson, when really the best way to teach them fiscal responsibility is by supporting them while they save up to begin their independent life.
‘I just can’t understand that level of pettiness toward your family, someone you’re supposed to love unconditionally and want to help and support and yet they have this sick perverse pleasure out of this power they can hold over their children financially.’
But, just because parents charge their children rent doesn’t mean they do not love and care for them – unfortunately the financial climate has left many with little choice.
For parents who want or need to charge their children rent, a finance expert has weighed in on a good monthly rate to start at.
A spokesperson from the home insurance team at Compare the Market said: ‘Asking your adult children to pay rent is becoming increasingly common, especially as living costs continue to increase.
‘Our research shows that parents charge an average of £110.71 in rent to their children per month, which represents 4.8% of the average monthly net salary in the UK.
‘This can be a good starting point for parents when deciding how much rent they should be charging their children, but individual circumstances may impact the agreed amount.
‘Parents could also suggest their children take part in weekly grocery shopping, as inflation has significantly increased the price of consumer goods.’
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