Parents now expect their kids won't leave home until 27 because of rising costs

Parents now expect their kids won't leave home until 27 because of rising costs One-third of parents are letting their kids live with them either rent-free or at a reduced cost to help them save money Parents now believe their children won't have the finances to leave home until the age of 27. The rising cost of living is the main reason for children taking longer to fly the nest, according to new research from VoucherCodes.co.uk. In the case of one in ten adults, they don't expect their children will move out until they're in their thirties. One-third of parents are letting their kids live with them either rent-free or at a reduced cost to help them save money. In terms of other financial support, more than half of 18 to 35 year olds currently get help with everything from food shopping to mobile phone bills. While more than one in four parents say they've helped pay for holidays, others have contributed towards fuel, household bills and even nights out. But nearly eight in ten parents say they were financially independent before the age of 24 (79%) - at least three years before today’s young adults. As well as rising costs, parents also said house prices, soaring rents, low wages and saving for a house deposit were fuelling a stay-at-home generation. Clair Hughes, VoucherCodes.co.uk Saving Expert, said: "Today's young adults are navigating a very different financial landscape to the one their parents experienced. Housing costs, rent, and everyday essentials have all risen much faster than wages, meaning reaching traditional milestones naturally takes longer. "Living at home for longer isn't a sign that young people aren't trying. For many, it's a practical financial decision that gives them the opportunity to save, pay off debts, or simply keep up with everyday costs. "While independence won't happen overnight, building good money habits early, making the most of discounts and cashback, and setting realistic savings goals can all help bring those milestones a little closer." Three ways to move closer to financial independence - If your housing costs are lower, move the difference into a savings account to build up a deposit or emergency fund. - Focus on developing new skills, gaining qualifications and creating opportunities for career progression, then direct a portion of any pay rises or additional income toward savings. - Before buying anything, check for discount codes and loyalty rewards. Saving a few pounds several times a week can add up to hundreds of pounds over a year.