Cost of living forces parents to increase rental prices for adult children

A quarter of parents who have adult children living at home have raised the amount they charge them in rent due to the rise in the cost of living.

 

According to the survey by MyVoucherCodes.co.uk, more than 60pc of parents charge their adult children rent, with more a third of those only just starting to ask for payment because they needed further support following the recession and rising inflation.

Mark Pearson, chairman of MyVoucherCodes.co.uk, said: "Some children live with their parents well into their 20s, or even 30s. It's fair that these parents should take money for the home they provide once their youngsters reach 18 or get a job. Charging rent or taking money for food prepares them for what they will face later on in life, when they have to run their own home."

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The research comes after news this week that British household budgets face their biggest squeeze in 90 years, according to a leading economic consultancy.

The Centre for Economics and Business Research (CEBR) said inflation coupled with low pay rises means household peacetime disposable income is at its lowest since 1921.

Rising food, clothing and energy prices mean the average British family will have £910 less to spend this year than they did in 2009.

The CEBR calculated that household disposable income will fall by 2pc this year, more than double last year's fall of 0.8pc and the biggest drop since the savage 1919 to 1921 post-First World War recession