Daily Bulletin

Money

  • Written by News Company


A recent survey by Mozo has found that adult children that are still living with their parents in Australia are costing a whopping $12.2 billion. Young adult children still remaining in the parental home is on the rise - in fact a third of under 35s live with their parents, this is nearly 400,000 people. Are young adults simply becoming incapable of living independently?

Financial implications for parents

The survey by Mozo found that 60% of the young adults living at home didn’t pay any rent at all. 75% of them also didn’t contribute to the household bills. This is leaving parents seriously out of pocket. It is one of the factors that contributes to arguments and a feeling of resentment at home. The survey also found that not only were these young adults not contributing to household finances, but a third of parents were still paying between $100-200 towards their children’s living expenses such as internet, phone bills, travel costs.

Reduced living space

One of the consequences of this type of multigenerational living is the reduced living space. Many parents find themselves paying to have home extensions, loft conversions or getting a granny flat built in order to accommodate their adult children. Multigenerational living means adapting and adjusting the family home. It also means adjusting routines - many parents are finding that they’re not getting enough time together, or privacy whilst they have adult children at home, this is a big motivation for expanding the family home.

A cry for cheaper homes

A lack of affordable housing in Australia is making it difficult for children to move out - in fact 40% of young adults stated that this was their primary reason for continuing to live with their parents. It wasn’t because they didn’t want to move out. The results of the Mozo survey showed that it wasn’t actually laziness or adult children being unable to live independently that caused them to remain at home. 28% simply wanted to save money - more than 30% of the parents surveyed said that they were happy for their children to remain living with them whilst they saved.

Australian young adults are continuing to live with their parents, even after they return from college or university. How this will change over the coming decade is entirely dependent on the economy. The Australian government certainly needs to consider solutions for more affordable housing.


The Conversation

Politics

Prime Minister on the Alan Jones Show

ALAN JONES: Prime Minister, good morning.    PRIME MINISTER: Good morning Alan, how are you? Good to hear you back on the air.   JONES: Thank you. Thank you very much. Can I just - there's a lot...

Alan Jones - avatar Alan Jones

The Greens side with activists, not farmers

The Greens’ Agriculture Spokesperson, Senator Janet Rice, today made some disgraceful comments in relation to the Government’s tough new penalties for keyboard warriors who incite activists to inv...

Senator Bridget McKenzie - avatar Senator Bridget McKenzie

Scott Morrison interview with Alan Jones - 2GB

ALAN JONES: The Prime Minister's on the line from Melbourne, Prime Minister good morning. PRIME MINISTER: Good morning Alan ALAN JONES:  thank you for your time. I wish we had three hours but look...

Alan Jones - avatar Alan Jones

Business News

Tips To Ensure The Best B2B Ecommerce Customer Experience

The B2B ecommerce space offers an incredible array of opportunities. It is has registered growth at more than double the size of B2C ecommerce. These tips will help you greatly in improving your cu...

News Company - avatar News Company

Multi-channel Ecommerce And Its Unparalleled Benefits

With severe competition within the ecommerce industry nowadays, exercising measures for expansion has become crucial. When you’re planning to dive into areas of growing your business into a full-fle...

News Company - avatar News Company

Top 5 Reasons Businesses Are Shifting From Magento To Shopify

Although building an online business has been made simpler by the extensive use of the internet, maintaining its success is a journey rather than a destination. It involves critical decisions made a...

News Company - avatar News Company

Travel

DEAL: Kids stay and eat for FREE these school holidays!

Take these school holidays to the next level with the ultimate family escape at PARKROYAL Darling Harbour. What’s more, kids under 12 years of age, can stay and eat for FREE! ...

Liana Gardy - avatar Liana Gardy

How to Book a Hotel for Your Vietnam Trip

Finding a travel destination may turn out to be challenging at times. You may have a long bucket list, which leaves you spoilt for choice on where to visit first. Going through travel blogs and site...

News Company - avatar News Company

New Allianz data reveals the ‘forgotten’ European countries attracting Australian travellers this winter

FROM SPAIN TO THE UKRAINE - THE SURPRISE EUROPEAN DESTINATIONS BOOMING WITH AUSSIE TOURISTS Australian travellers are seeking new destinations beyond the Mediterranean when it comes to European...

Media Release - avatar Media Release

ShowPo