East Midlands: Adults saving more than £1k each month by living at home with their parents
Younger generations in the East Midlands may be faced with a difficult job market, lower salaries and higher living costs, but many are able to live the ‘life of Riley’ by staying at home with their parents and paying minimal rent.
A study by TopCashback.co.uk, released today (Tuesday 21st April), reveals parents in the Midlands are charging their adult children an average of £150 per month to live at home and are making their beds, cleaning their rooms and cooking their meals free of charge.
With the national average salary around £26,000, adults who live at home are left with a very comfortable disposable income of more than £1,000 a month, allowing them to live a lavish lifestyle compared to those who rent traditionally or have bought a home.
Whether they’re squirreling away this money as savings or splurging, around three-quarters (73 per cent) of parents believe their children cannot afford to live away from home on their current salary. However, more than half (55 per cent) do believe their children are able to live a more extravagant lifestyle because they live at home.
Paying rent, buying food and having a cleaner would typically set residents in the East Midlands back £790.36 and those in the West Midlands £890.36 if they were renting privately. #
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This figure jumps to a staggering £2,141.34 if they were staying in a hotel in the East Midlands and £2,029.34 for those in the West Midlands. Yet those still at home are being offered a luxury life at the expense of the bank of mum and dad for only £150 a month.
The research reveals parents in the Midlands are waiting on their children hand and foot as around three-quarters (73 per cent) of parents do their laundry and more than a quarter (27 per cent) clean-up after them, including making their beds and tidying their room. It also seems the days of packed lunches are not over with 18 per cent of parents still making their adult children lunch and an additional 61 per cent cooking their dinner every evening. 82 per cent of parents also buy their children’s groceries.