Kids who moved back home during lockdown cost their parents £2,700, study finds
14 August 2020, 11:15 | Updated: 14 August 2020, 11:23
Moving back in with your parents could have cost them up to £2,700 extra a year.
When lockdown restrictions were put in place back in March, children across the country were forced to move back in with their parents.
Whether they were returning from university early, couldn’t keep up with high rent, or lived alone, many isolated with their families.
But it turns out this simple move could have cost mums and dads up to a whopping £2,700 a year.
According to a study by Barclays, a long list of extras could have contributed to higher expenditure - including subscription services like Netflix and Amazon Prime.
Meal delivery boxes were also noted, as well as all the extra food and alcohol shopping and household energy bills.
The research surveyed 1,000 parents whose children had returned during the coronavirus pandemic, with only 10% admitting to charging their kids rent.
But it’s not all bad news, as the research suggested the majority of adult children were contributing to their parents' costs in some way.
The survey also found that 91% were repaying their parents by helping out with household chores such as cooking, washing-up and cleaning.
Despite the high costs, 29% of parents added it was worth the additional costs to have their offspring back, while 38% claimed the additional time at home has made their relationship stronger.
Jo Harris, head of Barclays Money Mentors - which offers customers free guidance on saving money - said: "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."