finder.com.au

Media Release

“Boomeranging” generation moves home due to COVID-19

        • An estimated 331,000 Aussie adults have moved back in with their parents
        • 1.5 million families have adult kids living under their roof
        • How to save on your rent if you can't move back home

19 May 2020, Sydney, Australia – Thousands of Aussies have had to move back into the parental home as a result of the pandemic, according to new research by Finder, Australia's most visited comparison site.

A recent Finder survey of 1,025 respondents revealed that 26% of Aussie households have an adult kid living at home, totalling more than 1.5 million families according to ABS data.

Of those households with adult children, 1 in 5 (21%) "kidults" returned home because of the fallout of COVID-19.

A Finder analysis reveals this is approximately 331,339 young adults.

Kate Browne, personal finance expert at Finder, says sweeping job losses and reduced income has left thousands of young adults without enough money to pay the rent and bills.

"From young professionals who have lost their jobs, to expatriates returning from overseas, COVID-19 has had a negative financial impact on many Aussies. Some have no choice but to move back in with mum and dad.

"Some may have also moved back home to help their older parents during the lockdown. .

"There are some very vulnerable people in the community, so having the option to move in with family and help out around the house is a good thing.

Browne said there are implications for parents welcoming back adult children into the home.
"It may take some adjusting once an adult kid returns home, especially when you're practising social distancing together.

"Many adult kids are returning to their childhood bedrooms, setting up workstations in the dining room and asking, 'what's for dinner?'.

"While some parents will be delighted to have kids move back in, whether or not they can handle an increase in the energy, water and food bill remains to be seen," Browne said.

For more information on financial hardship assistance, visit https://www.finder.com.au/coronavirus-financial-help

Tips to save on your rent if you can't move back home

  • Ask for a discount. Your landlord may be willing to reduce your rent, but if you don't ask, they almost certainly won't.
  • Add a roommate. Renting out a spare room can alleviate a lot of bill stress. Make sure you check with the landlord first.
  • Tap into your spare space. Do you have unused garage or storage space that you could rent out? The extra cash can go towards the weekly rent.
  • Save on your other necessities. Whether it is a cheaper energy provider or a better mobile phone plan, it all adds up.

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Disclaimer

The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com.au's review pages for the current correct values.

About Finder

Every month 2.6 million unique visitors turn to Finder to save money and time, and to make important life choices. We compare virtually everything from credit cards, phone plans, health insurance, travel deals and much more.

Our free service is 100% independently-owned by three Australians: Fred Schebesta, Frank Restuccia and Jeremy Cabral. Since launching in 2006, Finder has helped Aussies find what they need from 1,800+ brands across 100+ categories.

We continue to expand and launch around the globe, and now have offices in Australia, the United States, the United Kingdom, Canada, Poland and the Philippines. For further information visit www.finder.com.au.

12.6 million average unique monthly audience (June- September 2019), Nielsen Digital Panel

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