For the latest in our Money Talk series, we ask the experts if it’s okay for parents to let their 30-year-old child live with them rent-free, or if it risks doing them more harm than good
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Is it the sign of good parents or does it take tough love?
We ask the experts if it’s okay for parents to let their 30-year-old live The child lives with them rent-freeor if it risks doing them more harm than good.
Of course, there are no hard and fast rules when it comes to this education and every mother, father and guardian will have their own opinion.
It probably depends too how tight your household finances are are, and if you can afford to remain uncontributed.
The average age for a young adult to fly the nest in the UK is 24.6 years, but again it depends on your circumstances.
Some parents choose to let their children move back home to help them save money for their first home purchase.
“Bills don’t pay themselves”
Of course you want the best for your children, but it’s also important to teach them the value of money.
Depending on whether they can afford it, asking them to contribute to the bills, rent or mortgage can teach them really important budgeting skills.
You may find that your household really needs the extra income as the cost of living crisis is taking its toll on all of our wallets.
“ Billing and budgeting are definitely things that will need to be addressed at some point,” James Andrews, Senior Personal Finance Editor at money.co.ukcalled.
“Food doesn’t pay, internet isn’t free, neither is gas and electricity.
“The danger is that if you shield your child from the reality of the cost of living, their ability to budget and adjust their lifestyle to match their income could be impacted.
What do you think? Do you let your adult child live at home rent-free? Let us know your thoughts in the comments below.
“That means if he ultimately chooses or is forced to live somewhere else, he ends up overspending and has money problems.”
On the other hand, if they’re already smart about their money and are putting money aside for a big life goal—like buying a house—then they could help them achieve their dream even faster.
Again, it depends on whether you can afford to forego an additional source of income.
“If they’re already putting money aside to pay a deposit (either rent or mortgage), then helping them allocate more money towards that goal could accelerate their journey to financial independence,” Andrews said.
Alternatively, if you don’t need the money but want to teach your child how to budget, you can choose to accept the rent from them but set it aside in a separate savings account.
In this way, they will make a habit of spending money to live on, but it will be available to him at a later date.
Jonathan Sidlin, Financial Planner and Chief Executive of HSC Financial Advisers, said: “Although it may seem like a loving gesture to allow a grown child to live rent-free, it is very difficult to understand the value of money when others are subsidizing one.
“But the question is, do the parents need the money more than the son?
“One compromise idea might be to charge for the rent but save it in a separate bank account to hold a deposit for a mortgage or rental property or even home renovations for the future.”
https://www.mirror.co.uk/money/money-talk-my-30-year-26531512 Money Talk: "My 30-year-old son lives at home for free - should I charge rent?"