A recent 10-country survey revealed that an increasing number of adults are moving back home to live with their parents.
The survey conducted for financial software company Intuit found that 60% of people aged between 18 and 34 live with their parents. The primary reason why adult children are planning to move back home is the high cost of living.
Though moving back home may be a temporary situation, it has long-term financial implications for the parents. Research by Thivent Financial Advisers revealed that 40% of parents who provide short-term support for their children have fewer savings available for expensive items like holidays or cars, and have less money to retire on.
The top cost-of-living-related reason for staying at home is housing costs, whether buying or renting accommodation. Another common reason for moving back home is divorce and separation.
Financial advisor Alex Gonzalez recommends that parents say to their children that moving back home is a transition stage. If possible, adult children should be allowed to live rent-free, putting an equivalent amount into a savings account each month that is available for a future house purchase.
Adult children living with their parents may find it useful to have financial education from a financial advisor. They can learn how to budget well and save to a fund for a future move to a new home.
If you are moving away your parents’ home and need a Liverpool removal company, talk to us at Merseyside Movers & Storers. We’d love to help you complete your move.
