One in seven Brits (14%) say their living situation has changed since lockdown began, said Canada Life, with 35% of grown up children having returned to their family home.

And it’s costing their parents an average £425 extra in monthly outgoings.

The living situations of 7.2 million Brits have changed since January, of which 10% can be attributed directly to COVID-19. Changes to work patterns (24%) and wanting to wait out lockdown together (22%), or with a garden (19%), were among the biggest drivers for these changes.

The majority (83%) are happy with their new circumstances, but the outlook isn’t so positive for the 26% of parents who welcomed back their grown up children. Of this group, more than half (27%) said they would prefer their children to move out and a quarter (24%) are worried they might stay longer than anticipated.

Doing the sums

While parents who have welcomed back grown up children are spending £425 more on average per month, their children have typically reduced their own monthly outgoings by £714.

Many are contributing to household costs, with more than three quarters (78%) paying rent (£264), food costs (£390) and monthly bills (£390).

However, one in four (25%) parents are still worried about the financial implications of their children being at home.

Almost a third of parents with returning children (31%) have converted a room into a spare room for them, 26% have bought new furniture and a further 12% have given up their home office.

Alice Watson, head of marketing, insurance, at Canada Life said: “For many, the events of the last few months have brought families back together again and challenged the multi-generational norms to which we’ve become accustomed. Lockdown has been a once-in-a-lifetime opportunity to live with family members again for some, but others are keen to return to normality. However, the reality is that we may see the impact of COVID-19 affecting our living situations for much longer than anticipated.

“While younger generations have had an opportunity to save money during lockdown, those parents welcoming back grown up children have been hit with financial pressures – including increased utility and food bills – which could have a knock-on effect on their retirement income.”