Plus: how to profit from the pound's record low against the dollar
| Wednesday, September 4, 2019 |
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Telegraph Money | | The week's most important personal finance news, analysis and expert advice, from pensions and property to investment ideas and savings tips. |
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The Telegraph take | | By Marianna Hunt personal finance reporter |
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| The Bank of Mum and Dad is expanding its services: as well as catering, personal shoppers and chauffeur transport it now provides comfortable hotel accommodation for grown-up children – all for a bargain price (sometimes nothing at all).
New research by comparison site MoneySuperMarket has shown that the average cost of letting your adult children move back home has jumped by 83pc over the past year to 1,640. These “boomerang” kids typically check in to the Hotel of Mum and Dad for just over 10 months, during which time they make the most of free Wifi, electricity, television and a well-stocked fridge.
Some pay rent (usually a nominal one) but almost half pay nothing at all, MoneySuperMarket found. The children are quids in, saving hundreds of pounds a month on rent – not to mention bills and food. As Telegraph Money has previously reported, however, many parents are now finding that generosity is having a detrimental effect on their future life plans.
A fifth of retirees are already having to raid their pension pots to help younger family members get on the housing ladder. Factor in the cost of providing hotel services to your adult children as they try to claw together the rest of the money for a deposit and you can throw those Caribbean cruise brochures and sports car magazines out of the window.
The light at the end of the tunnel is that falling house prices are making it easier for first-time buyers to get a foot on the ladder and out of your front door. We've mapped the areas where young would-be homeowners should be looking.
Have you played hotelier to your grown-up children? How much did it cost you to house your boomerang kids at home? I want to know – email me at [email protected].
Get more advice on how to protect your retirement nest egg – as well as tips on tax, investments, property and more – for just 2 a week with a subscription to Telegraph Premium. It's free for 30 days. Try it here. |
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| Singer and guitarist Joe Brown opens up about being ripped off by managers and why you should never talk about money. Read the full interview. |
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You have the last word... |
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| Hugh Wantstoknow says of the news that No-deal Brexit could trigger house price falls of 20pc in 2020: “The only reason house prices will fall is if supply outstrips demand. With more people in employment than ever, more people living in the UK and record mortgage approvals last month, it is hard to see why Brexit will make the slightest difference.”
Garden of England says of Should you invest in a gold mine 'mini-bond' paying 10pc returns?: “Unless you have money to burn leave well alone. There are a number of FTSE 100 companies that yield around 8pc. Ok, your capital isn't entirely safe as share prices are volatile but the likelihood of companies like Legal & General and Aviva going bankrupt in the next few years is vanishingly small. Their dividends are also well covered by earnings, so the 8pc initial yield is pretty safe."
David Grosch says about ‘I’m an intelligent person, yet a conman groomed me to lie to my bank so he could steal 49k’: “So the bank pays the money back? Who is going to cover that? The rest of the customers of the bank. Why should the other customers of that bank now have to cover this person’s actions, especially when the bank specifically asked about being coerced and she lied?”
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