Boomerang generation: 858,000 Aussie households have an adult kid living at home
Australians are moving back in with their parents as the cost of living continues to spiral, according to new research by Finder.
A nationally representative survey of 1,058 respondents revealed 13% of Australians – equivalent to 858,000 households – have had an adult child move back home in the past 12 months.
This includes 5% who are about to move back out and 4% who are about to move in.
Of those who moved back home or had their adult children move back in, almost 1 in 3 (31%) did so due to rental affordability concerns.
A whopping 35% moved back or had a child move back to save money for a home deposit – equivalent to around 300,000 households.
Despite record low unemployment, 19% of those who moved home or had a child return were forced to do so because of the loss of a job.
Sarah Megginson, senior editor of money at Finder, said some Aussies had been forced to make significant changes to their lifestyles.
"Interest rates are going up and the cost of living pressure is coming from all angles, making it difficult to juggle everything at once.
"Moving back in with the family can be a big adjustment. The thought of losing a sense of independence and having to start from scratch is scary.
"But it's a chance to get your finances in order and settle any debts before jumping back out there."
Megginson said the pandemic saw a first wave of "kidults" moving back home when COVID-19 hit our shores.
More than 1 in 4 (26%) Australian households included an adult child after the lockdowns began, according to Finder research from May 2020.
"Our research found that 21% of these households were put in this situation as a reaction to COVID-19.
"With inflation soaring and rental vacancies at an all-time low two years on, the phenomenon continues."
Megginson said it was critical to stick to a budget.
"Start cutting out non-essentials and look at where and how you can save money.
"If you're looking for a free and easy way to track your expenses and your bills, the free Finder app allows you to see exactly where your money is going.
"If you find yourself under severe financial stress, contact your providers and ask for a payment plan or contact the National Debt Helpline on 1800 007 007."
The research shows 1 in 3 (36%) moved back home due to caring requirements, while 1 in 10 (10%) used it as an opportunity to save money.
| In the past 12 months, have you moved back into your family home OR has your adult child moved back in with you? | |
|---|---|
| No | 79% |
| No, I already live with my parents or my adult kids live with me | 9% |
| Yes, but about to move back out | 5% |
| Yes | 4% |
| Yes, I'm about to or my child is about to | 4% |
| Source: Finder survey of 1,058 respondents, August 2022 |
| Why did you or your adult child move back home? | |
|---|---|
| Caring requirements (e.g. help with children or aged parents) | 36% |
| To save money for a home deposit | 35% |
| Rent became unaffordable | 31% |
| Loss of a job | 19% |
| To build a house or renovate | 17% |
| Relationship breakdown | 14% |
| To save money | 10% |
| Source: Finder survey of 135 respondents who moved back home or had their adult children move back home, August 2022 | |
| *Respondents could select all that apply |
Methodology
- Finder's Consumer Sentiment Tracker is a monthly recurring nationally representative survey of more than 30,000 respondents.
- The Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics, an SAP company.
- The survey has been running monthly since May 2019.
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