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Daily Mirror
Daily Mirror
Business
Levi Winchester

Money Talk: ‘My 30-year-old son lives at home for free - should I be charging rent?’

Is it the sign of a good parent, or is tough love needed?

We ask the experts if it’s ok for parents to let their 30-year-old child live with them rent-free, or if it risks doing them more harm than good.

Of course, there are no hard-and-fast rules when it comes to parenting and every mum, dad and guardian will have their own opinion.

It also likely depends on how squeezed your household finances are, and if you can afford them to stay without contributing.

The average age for a young adult to fly the nest in the UK is 24.6 years old but again, it varies depending on your circumstances.

Some parents choose to let their children move back home to help them save money to buy their first home.

'Bills don't pay for themselves'

It’s only natural to want the best for your children, but it is also important to teach them the value of money.

Depending on if they can afford it, asking them to contribute towards the bills, rent or mortgage will allow them to gain really crucial budgeting skills.

You may find your household also genuinely needs the extra income, due to the cost of living crisis putting a squeeze on all our purse strings.

Bills and budgeting are definitely things that will need to be addressed at some point," James Andrews, senior personal finance editor at money.co.uk, said.

“Food doesn’t pay for itself, the internet isn’t free and neither are gas and electricity.

“The danger is that by shielding your child from the reality of the costs of living, his ability to budget and fit his lifestyle to his income could be stunted.

What do you think? Do you let your adult child live at home rent-free? Let us know your thoughts in the comments below.

“This means when he eventually chooses or is forced to live somewhere else he ends up overspending and in money trouble."

On the flip side, if they're already being sensible with their money and putting cash aside for a huge life goal - such as buying a house - then helping them out could see them realise their dream even quicker.

Again, it depends on if you can afford to go without an extra income stream in the first place.

“If they're already setting aside money to help pay for a deposit (either rental or for a mortgage) then helping him put more money towards that goal could accelerate his path to financial independence," said Mr Andrews.

Alternatively, if you don't need the money but want to help teach your child how to budget, you could choose to accept rent from them but put it aside in a separate savings account.

This way they will be in the habit of spending money to live but it will remain available to him at a later time.

Jonathan Sidlin, financial planner and managing director of HSC Financial Advisers, said: "While it may seem like a loving gesture to allow an adult child to live rent-free, it is very difficult to understand the value of money when others are subsidising you.

"However, the question is, do the parents need the money more than the son?

"One compromise idea might be to ask for the rent but save it in a separate bank account to help towards a deposit for a mortgage or rental property, or even for house refurbishments, for the future."

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