A new survey has revealed that the cost-of-living crisis has resulted in many UK adults having to move back into their family homes.
The Capital One UK survey shows that 17% of young Brits have either moved or are planning to move back home due to financial difficulties.
Despite figures showing that the average parent expects their food and energy bills to rise by £272 a month because of this, almost three quarters (73%) said that they would ‘welcome their children with open arms’ should they need to return home.
Financial Educator and Founder of This Girl Talks Money, Ellie Austin-Williams, is working with Capital One UK to offer up her top tips to parents of boomerang children. She said, “It’s becoming increasingly common for once independent young adults to move back into the family home, and navigating the dynamics of this can be challenging for everyone involved.
“Whether a welcomed reunion or burden, it’s important to ensure boundaries are set, and met. Consider discussing bill contributions early on to avoid any later misunderstandings, work with them to set new financial goals and break-down the taboo of “money talk” by encouraging a more open conversation around the topic.”
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