Al-anwar Newspaper English news in Australia
Once upon a time, an adult who still lived with their parents was considered undesirable. In 2022, especially if that adult wants any hope of ever being able to afford a property purchase of their own, it’s a necessity for many people.
A new Finder survey discovered that 858,000 households have had an adult child move back home in the past 12 months – and no, it’s got nothing to do with being lazy or freeloading.
In fact, while 10 per cent moved back just to bulk up their bank account, 31 per cent of people who moved back into their family home did so due to rental affordability concerns.
Another 35 per cent – or what equates to 300,000 households – moved back to save money for a home deposit.
Although unemployment is at its lowest ever figure, another 19 per cent of adults who moved back in with their parents were forced to do so after losing a job. The largest number, 36 per cent, moved back home to fulfil care requirements for another family.
“Interest rates are going up and the cost of living pressure is coming from all angles, making it difficult to juggle everything at once,” said Sarah Megginson, senior editor of money at Finder.
“It’s a chance to get your finances in order and settle any debts before jumping back out there.”
While the numbers of people moving back home has increased year-on-year, Ms Megginson said the pandemic saw a first wave of adults being forced to move back home.
More than 26 per cent of Australian households included an adult child after the lockdowns began, according to Finder research from May 2020.
“Our research found that 21 per cent 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.”
