MORE young adults in the South West are swapping independence for a greater ability to save according to a new study.

The new research from NatWest, which surveyed 2,000 British adults, reveals that rising rents and high property prices have created a “stay-at-home generation” who prioritise financial security over flying the nest.

Whilst many are yet to leave the family home, the survey also indicates there is a growing trend of ‘re-nesting’. Almost a third (30 per cent) of the parents surveyed in the South West have had their adult children return to live at home after initially moving out.

This shift has pushed back the “empty nest” life stage for parents with adult children, who may be preparing for their own retirement, as they continue to provide financial support to their children.

Almost a third (32 per cent) of parents surveyed in the South West said they would need to agree a set timeframe for the “re-nesting” period, but 46 per cent in the South West say they would have their children move back home indefinitely with no agreed end date.

The findings highlight the challenges young adults face in trying to get onto the property ladder, with 86 per cent of parents in the South West agreeing it’s more challenging today for young people to buy their first home than it was in their era.

Whilst many parents experience a financial hit after their children move back, some also experience an emotional shift. 46 per cent of respondents with adult children admitted there had been increased household tensions and conflicts over house rules in the South West, with 44 per cent saying they had noticed increased feelings of stress or anxiety as a result of the change.

The research also suggests that there are mixed views on children returning to the family home. Almost half (44 per cent) of parents in the South West said they are happy to help by offering their children a place to stay, although 24 per cent would be firmly against it and believe that their adult child should be financially independent.

Of the parents surveyed in the South West, 75 per cent said they expected household costs to rise as a result of their returning children, including higher grocery and utility bills

With children returning home, parents are taking different approaches to managing the costs, with 14 per cent of parents in the South West said they do or would charge rent.

Over a quarter (26 per cent) of parents in the South West said they wouldn’t charge rent and would only ask for bills or housekeeping to help offset the increased costs, allowing their children to save more while also protecting their own financial future.

While 21 per cent of parents in the South West allow their children to stay rent-free, believing it is the best way to help them save for homeownership.

What do you think? Would you let your adult children live at home rent free? Get in touch and let us know.