Almost 2.5 million (12%) ‘children’ have returned to live in their parent’s home with their partner in tow, Churchill home insurance has found.
A quarter of these couples have moved back in to the family home to save money for a house deposit, whilst 12% did so after graduating from University and a further 12% returned home because they could no longer afford their rent.
A spokesperson for Churchill home insurance, said: “Moving back in to the family home is becoming ever more popular and is often the only choice for young adults who are trying to save up for a house deposit of their own.
“Whilst it is surprising that so many have opted to move back in with their parents with their partner in tow, this does allow couples to save more whilst still living together.
“If your child is thinking about moving back in to the family home it is important to make sure you inform your insurer and update your home contents insurance to take into account for their possessions, as this could increase value of the items kept in your home.
“It is also sensible to consider adding personal possession cover to your policy, as if your child or their partner are planning to take their personal belongings out with them, such as a laptop or phone you may want to ensure these are covered for accidental loss or damage or theft.”
Some 1.25 million couples have returned back in the last five years, highlighting the financial struggles young couples face when it comes to funding their own home.
The majority of parents welcome their children home with open arms, with 28% pleased they could spend more time with their child and 26% pleased to give them the opportunity to save for their own home.
However, not all were as pleased to have their kids return to the nest, with a third of parents (34%) reporting a negative outcome following their child and partner having moved in.
The biggest cause of disputes are their offspring and their partner failing to help with housework, with one in seven (14%) parents being frustrated that their child and partner did not help with jobs and chores and 11% of parents were left feeling as though they treated the house like a hotel.
When it comes to the finances, less than a third of parents (30%) charge their child rent, with the average monthly payment standing at £115.60, more than eight times less (88%) than the average monthly rent in the UK of £9282.
Partners are even less likely to pay rent, with under a fifth (18%) being charged for staying with their partner’s parent/s. Even those who do pay get a good deal, with the average rent charged coming in at just £109.90.