Parents spend $30,000 every year for young adults still living at home

A new study reveals that 1 in 4 Aussie children aged between 20 and 34 years are still living at home with their parents. According to Curtin University’s latest study, these children not moving out is costing their parents about $30,000 every year when compared to couples with no children.

The study says the “financial impost upon parents (is) in the vicinity of $30,000 per child per year relative to couples with no children”. If you crunch the numbers, it turns out that parents have to spend $600 every week on an average for an adult child to live with them.

According to Australian Youth Affairs Coalition National Director Leo Fieldgrass, this is a consequence of young people not being able to find suitable accommodation and employment to actually pay for accommodation.

“It’s incredibly difficult for young people to get a foot on the housing ladder because of situations like negative gearing”, he told The New Daily.

The reason these boomerang children decide to live with their parents, according to 25% of the 18-34 year olds, is that it gives them assistance so they can save for their own home.  

While it is turns out to be expensive for the parents, they don’t want their children to struggle and try to protect them financially by letting them stay with them.