Tuesday 27 February 2018: A staggering 74% of parents feel there isn’t enough information on hand when it comes to knowing how much to charge their adult children for living at home, despite over half (53%) admitting to doing so, according to recent research by comparethemarket.com.
The poll showed that on average, parents request £68 towards their mortgage or rent, £31 on bills, and £33 on food, from each child, per month. Despite what parents ask their children to contribute financially, over half (51%) admitted they were unsure of what they actually should be charging. To help guide parents, comparethemarket.com has created a tool which calculates how much parents could be charging based on a multitude of factors determined by location, including local rent, food, gas and electricity prices: https://www.comparethemarket.com/home-insurance/content/pa-rental
When asked why parents are charging their kids to live with them, the fact that they are in full or part time employment came out on top. This was closely followed by the expectation that they are now an adult, and therefore should be contributing. Teaching kids a good lesson on how to manage money also fared high on why children should pay up to parents, whilst almost a quarter (24%) admitted they cannot afford to pay for the mortgage or rent, as well as bills, without their contribution.