We regularly highlight the plight of young people and document the struggle they endure when it comes to getting on the property ladder. It is the norm these days for a 30-year-old who is in full-time work to still be living at home with parents due to the price of homes up and down the country.
Since the rise in the numbers of people residing at home well into their thirties, however, parents have admitted seeing a detrimental effect on the finances of the family home. According to recent research obtained by us, household bills are nearly £150 more per fortnight than what they would be if children weren't still living at home. This puts a lot of pressure on parents. Regardless of whether they charge rent, parents are typically out of pocket.
What the research also highlighted to us was that over 50 per cent of parents don't charge their offspring rent with the main reason for this being they want to help their child save as much of their wage as they can - this in their mind will mean that they will get on the housing ladder quicker. On average, this equates to parents being out of pocket to the tune of about £300 per month when you factor in food costs and energy and water that is used in a seven day period.
Unfortunately, it has also become clear that some parents feel they are currently being taken for a ride by their kids. Around 22 per cent of those who said they didn't charge rent, admitted that while they let their children off with 'contributing', their kids didn't seem to be saving their money as well as they should. A handful of parents said that they were spending the money on going out rather than religiously saving up.
While house prices show no sign of movement; parents need to get strict with offspring that appear to be taking liberties. The bank of mum and dad isn't a bottomless pit.