One in five young adults (17%) are returning to live with their parents due to the cost-of-living crisis, said Capital One.

The credit card provider said that this leads to an average increase of £272 per month in energy and food bills for parents.

Despite the extra costs, three quarters of parents and guardians would welcome their children home with open arms if they were struggling financially.

Growing trend

The trend is showing no signs of slowing, with one in three (34%) parents facing the prospect of having their older children move back in with them, if the cost-of-living crisis gets any worse.

Over four in 10 (43%) respondents said they have friends whose adult children have already moved back in with them.

This has put a strain on the pockets of parents at a time when prices are increasing and parents can only afford the extra costs of their kids at home for an average two years and three months.

Despite this, two thirds (67%) of parents view it as their responsibility and say they will always be there for their children.

Financial educator and founder of This Girl Talks Money, Ellie Austin-Williams, said: “It’s becoming increasingly common for once independent young adults to move back into the family home, and navigating the dynamics of this can be challenging for everyone involved.”

“Whether a welcomed reunion or burden, it’s important to ensure boundaries are set, and met. Consider discussing bill contributions early on to avoid any later misunderstandings, work with them to set new financial goals and break-down the taboo of “money talk” by encouraging a more open conversation around the topic.”