Boomerang kids are able to save up to 17000 by not paying rent at home Fashion Beauty Celebrity Health Life Relationships Horoscopes Food Interiors Travel Sign in Welcome!Log into your account Forgot your password? Password recovery Recover your password Search Sign in Welcome! Log into your account Forgot your password? Get help Password recovery Recover your password A password will be e-mailed to you. YOU Magazine Fashion Beauty Celebrity Health Life Relationships Horoscopes Food Interiors Travel Home Life Boomerang kids are able to save up to £17 000 by not paying rent at home By You Magazine - April 26, 2019 Research by Barratt Homes has revealed that ‘boomerang kids’ who live in the capital are saving up to £17,000. How are they able to save such a bulky sum? By living with their parents rent free or paying little rent or just helping with other finances around the house. The survey of over 1,000 parents found that 98% believe children from 18 to 34 should contribute financially towards the household. But over half don’t actually charge their children anything – lucky for them! Those that do are paying 90 percent less than the average cost of rent, bills, food and general living costs in the UK. Getty Images That balances to saving about £500 each month and over £1,500 for those in London, compared to what they’d be spending living away from home in a shared flat. The bank of Mum and Dad also serves as the hotel of Mum and Dad. Not only are parents financially helping their children get onto the property ladder, but they are also now playing the role of landlord too, therefore having to charge them for bills, food, and toiletries. The research defines the boomerang generation as those aged over 18, who have returned to the family home having previously lived away. Often moving out for university. 6 interior design tricks that will increase the value of your home Speaking to you.co.uk, Adesuwa, a 24-year-old living in South London says she feels ‘privileged’ enough to live at home for free of charge with her mother and sister. However, she does fork out money for the weekly food shop for the house. She has managed to rank up a whopping £15,000 in savings since she moved back home from university in 2016. Getty Images ‘Adesuwa is really keen to get on the property ladder but the more she looks into it ‘the more scary and unrealistic it feels’. ‘Banks will only give you a loan which is up to 5 time your salary which means you’ll have to find the additional finances to pay for a house,’ she said. Although living at home allows the management consultant to put a lot of money aside, she said it comes with a cost. ‘The worst thing about living at home is not having privacy,’ she said. ‘Being able to have my own space and do things in my own way is my goal’. How do you feel about boomerang kids? RELATED ARTICLESMORE FROM AUTHOR Everything we know about The Crown season 5 Aldi s exercise equipment is on sale with up to 50% off The best Halloween events for 2022 across the UK Popular in Life Groomzillas Brace yourself for a new breed of monster rampaging down July 7, 2019 Elizabeth Day Sorry can t make your party I m on the sofa August 11, 2019 Using these 10 words makes you middle class apparently September 9, 2019 Megan Phelps-Roper ‘ I was born to preach hate I chose to October 6, 2019 Dr Clare Bailey No energy You may need an iron boost November 10, 2019 Emma Winterschladen Meet the mega matchmaker December 1, 2019 Dr Clare Bailey Comfort joy… and a festive hug December 22, 2019 Elizabeth Day I’ m not grumpy… it’ s just my face January 19, 2020 Elizabeth Day Oh the joy of knowing nothing February 16, 2020 This postcard is a sweet simple way to help others during March 16, 2020 Popular CategoriesFood2704Life2496Fashion2240Beauty1738Celebrity1261Interiors684 Sign up for YOUMail Thanks for subscribing Please check your email to confirm (If you don't see the email, check the spam box) Fashion Beauty Celebrity Life Food Privacy & Cookies T&C Copyright 2022 - YOU Magazine. All Rights Reserved