I agree - the principle is essential. Even if the parents are swimming in money (!), they should still charge their children, and then put the rent money into a bank account for them or something like that. But children must learn to budget - and then live within their means!
Besides, if they get endless Bank of Mum and Dad overdrafts, the Bank will have so much less to leave them when they inherit it!!!
I think I read somewhere that as working adults, we should assume a third of income goes on living expenses (the boring stuff like paying for electricity etc), a third goes into savings, and a third (at most!) can be spent on 'nice stuff' - anything from clothes to holidays.
I also read somewhere that every young adult should have sufficient savings in the bank to live off for six months, if push comes to shove.
Another thing for them to do is start a pension. I know they'll roll their eyes, but as we all know, a pound saved into a pension at l8 is worth a squillion quid by the time their 65 (or 95 - which will probably be the retirement age for their generation!!!!!)
Until someone can live without being bankrolled by M and D, they're not grown up, whatever their lifestyle (research students excepted).
Julie
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Re: Children (young adults) living at home - rent?
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