A study says 63% of single adults between the ages of 20 and 29 live with their parents today as parents claimed it is a way of helping their sons and daughters get established in life.
Some hoped it would assist them to save for a deposit on a house, or take other steps towards independence.
Meanwhile, the ‘help’ is being abused in some instances where children spend far more than they expected as the parents try to ‘help’.
Some of them buy the latest technological gadgets, or eating out more frequently than usual instead of saving.
Now, parents wonder whether they were wrongly subsidising such a lifestyle and when their grown-up children should be taking more financial responsibility.
Young adults living with their parents argued that some such spendings may be justified – that if you live in your parents’ home, you will eat out more often than if you had your own place.
Difficulties are bound to arise when related adults live together, and to some extent pool their economic resources, while still living largely separate lives.
Parents are in a dilemma of ‘helping’ their children yet overseeing the young adults who crave ‘independence’.
Consequentially, talks about young adults contributing to house hold expenditure arise as study reveals that while parents would pay most household bills, they should receive some contribution from the young adult in the form of a regular “board” payment.
But there was little agreement on how to establish a fair price for this payment. Some participants thought it would be good to have some guidelines, yet attempts to formulate them revealed a wide variety of views over how much a young adult should contribute.
All of our participants felt that it would depend on the financial situations of both the young adult and their parents.
Some parents argued strongly that trying to create a formula for this contribution missed the point that a family relationship is not a commercial relationship, as with a landlord: it is guided by emotions, not just rational principles.
Nevertheless, based on the information provided by our participants, we were able to make some interesting calculations.
We found that the additional cost to parents of having a son or daughter at home – such as buying more communal groceries or spending more on heating – could be fairly modest, compared with the savings made.