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14th August 2020
Barclays research indicates adult children returning to their parents’ home during lockdown totted up an average bill of £2,702.28 in extra household costs
New research from Barclays reveals adult children who boomeranged back to their parents’ home during the lockdown period have totted up an average bill of £2,702.28 in extra household costs.
The top weekly household contributors are increased bills (£55.29), subscription services such as Netflix, Amazon Prime and meal delivery boxes(£28.18) as well as the food shop itself(£25.30).
Yet despite this significant increase in outgoings, the majority of parents(90%) haven’t charged their children rent, with a quarter(24%) admitting this is down to feeling awkward asking for extra money to support.
However, more than half of adult children(51%) have made some financial contribution to the family home where it’s been possible-the average amount chipped in is £29.57 a week, which more than covers the increase in the food shop bill.
And nearly all adult children(91%) are finding other ways to help their parents out whilst staying with them by helping out with household chores. Cooking(57%) is the most popular way to earn some brownie points, followed by washing up (50%) and cleaning(46%).
Jo Harris, Head of Barclays Money Mentors, comments “As someone who has moved in with their parents during lockdown, I know first-hand how much of an adjustment it can be and how uncomfortable approaching the topic of money can feel.
Like many, I’ve been very fortunate that my parents haven’t charged me rent but I think it’s really important to keep communication as open and honest as possible, so we did have a frank chat about how I would contribute during my time back at home.”
For many parents it’s not been about the money, as 29% said it was worth the additional costs to have their offspring stay. Over half(51%) say they’ve felt relieved knowing their child has been safe during this time, 55% are grateful for the time they’ve spent together and over a third(38%) have said the additional time at home has made their relationship stronger.