Rise of the Kidults hits parents in the pocket

15/04/2009

Many British parents are facing a severe financial burden from the "Kidult" generation.

Around 1.6 million 18 to 34-year-olds are living either in the family home or with friends and are not paying rent, Abbey Mortgages research has shown.

Last year, this total was just 500,000 - a signal that the economic downturn is leading more and more youngsters to cut accommodation costs by moving back home.

Unsurprisingly, it was the south of England, where house prices and rents tend to be higher, that was found to have the proportionally highest number of "Kidults".

The presence of extra offspring in a household who do not pay their own way puts an extra burden on parents, often in the form of increased food and utility costs.

Nici Audhlam-Gardiner, Abbey Mortgage director, commented: "In the current climate many people have little choice but to return home or turn to their friends or family for somewhere to live at no cost.

"Whilst an adult living at home until their 30s is more associated with our continental cousins, Abbey Mortgages research shows that this is a trend that is on the increase here in the UK as well."

The study also revealed that collective savings on accommodation costs among the "Kidults" came to around £839 million a month.

Tags; Housing Debt and Bills, Recent Graduate Debt,

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