Would you let your adult children live at home? Interview with Amanda Lamb

National World - LocalTV

According to a recent census, 620,000 more adult children now live with their parents, compared to a decade ago. The total of adults still living at home is now reportedly at nearly five million.

Transcript

00:00This has come about, a survey that's been carried out by Latimer, to sort of find out

00:06how we as parents can help our young adult children get their foot on the property ladder.

00:13Because especially if you're in the capital, the rents are extortionate.

00:18They are few and far between, so it's a battleground, you know.

00:21I always think of that sort of thing in that scene in Gladiator when they're just about

00:24to go into battle, you know, there's one decent flat comes on and you've got 20 people going

00:29after it.

00:30So, if you are a young adult trying to be able to move out of home and rent somewhere

00:37and save money for a deposit, it's nigh on impossible, tricky.

00:42I mean, first of all, the big question is, do you charge your adult children rent?

00:47I have an 11 year old and a 16 year old, so I'm not doing it yet, but I did say to them

00:52the other day, when you are earning, mummy will be charging you rent, which was met with

00:58a lot of, oh, what do you mean you can't do that?

01:00Well, actually, I can and I will, partly because I want to make them financially responsible.

01:07I want to allow them or give them the skills to be able to budget.

01:12I don't know about you, but, you know, when I was a kid, I knew how to budget, but we

01:17live in a cashless society now, don't we?

01:19Everything is just click on the phone and nobody actually sees physical cash to know

01:24how to proportion it.

01:27Michael Walker of Latimer Homes said that young adults face many challenges in today's

01:32housing market and are increasingly forced to turn to their parents for accommodation

01:38support.

01:39However, the parent-landlord phenomenon is a temporary fix, not a workable solution,

01:45he added.

01:46It's been reported that more than four in five parents want to see financial planning

01:51become part of the school curriculum in a bid to help young people sort out their finances.

01:57My mum always says to me, it's so much harder than it was when you were growing up.

02:01I think it is difficult, but I think what, for me as a parent, my job, as I see it, is

02:08to give my children confidence and wings to be able to fly.

02:14You know, I want them to go out into the world.

02:17One of the interesting things about the survey that Latimer carried out was that 84% of the

02:21parents that they spoke to said that they thought that financial planning should be

02:26part of the school curriculum, and it's so true.

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