I charge my four kids £200 each a month for rent – it’s a critical money lesson and all parents should do it
MUM-OF-THREE Natalie Kyriacou believes she is teaching her three children an important money lesson by charging them rent.
She is one of the growing number of parents charging their adult children to live at home because they are so-called KIPPERS.
Mum-of-three Natalie says her kids use all the hot water before she can wash up
Natalie on holiday with her daughters Amber and Sasha
“My children refuse to leave home. I love having them here. I had to start making them pay a basic monthly rental payment because of the cost-of-living crisis,
“I called them my ‘KIPPERS’. It stands for kids in parents’ pockets eroding retirement savings,” says Natalie, a 54-year-old receptionist.
She lives in a four bedroom detached house in St. Albans with her husband, Simon, 58, an estate agent and their three adult children Amber 29, a client engagement manager, Sasha 26 model and business development manager and twenty-year-old Dylan, a fire technician.
“They all used to live here for free. I was cooking and cleaning. I realised I didn’t have spare cash to top up my pension or plan my usual holidays,” Natalie said.
“So, my husband and I got tough and became parent landlords.”
“Some parents will be shocked if I demand a monthly standing order from my kids. I don’t care. It is a parent’s job to teach your children about money and paying rent is a critical lesson.
Her children all live at home and have no plans to move out.
Amber had moved out March this year and was living in a studio flat Clapham paying £1,200 a month rent.
“She moved home four months ago after a breakup. She simply couldn’t afford spending more than half her salary on a tiny one-room flat.
According to Natalie, Sasha has bever really left home using the family house as a base since leaving school at 18 and travelling all over the world as model.
She’s now basing herself full-time in London and is modelling and working in business development.
Dylan has recently completed his fire technician training and Natalie says he lives at home but also spends part of the week with his girlfriends.
“There is no chance we will ever suffer ‘empty nest syndrome’. The kids simply refuse to leave.
“For many years my husband and I never considered charging them rent. Your kids are precious and not a financial transaction. Then we realised we needed to,” said Natalie.
It was the cost-of-living crisis which began in 2021 which prompted Natalie to turn into a landlord.
“The hike in gas and electric prices was scary enough. But I had five adults in our house and was getting hit by bills which had doubled. You realise it’s impossible for just mum and dad to be responsible for the bills.
“The kids were buying food to eat but many mums like me know whenever I went to a shop I’d buy their favourites. One of my daughters is vegan and I couldn’t stop myself cooking for them on a nightly basis.
“The grocery bill became terrifying.”
Natalie isn’t alone, according to the Office for National Statistics 2021 census there are 4.9 million adult children still living at home with parents in England and Wales.
A report by comparethemarket.com has found a staggering 74% of parents feel there isn’t enough information on hand when it comes to knowing how much to charge their adult children for rent.
More than half of or 55.1% of parents surveyed admitted asking the kids to ‘pay to stay at home’.
However, two out of every five parents or 44.9% said they do not charge their adult children rent, letting them live at home for free with mum and day covering all their costs.
One quarter of parents or 24% admitted they cannot afford to pay for the mortgage or rent, as well as bills, without their kids paying rent monthly.
The survey revealed the average amount charged by parents around the UK is just £25.55 per week – which works out as £110.71 per month.
According to the poll, on average, parents request £68 towards their mortgage or rent, £31 on bills, and £33 on food, from each child, per month.
Despite what parents ask their children to contribute financially, over half or 51% admitted they were unsure of what they actually should be charging.
Natalie revealed she was nervous about asking her children for cash to live at home.
“I was nervous about broaching the subject of rent. I had the ‘rent chat’ with the kids in March asking for a £200 standing order each month from each of them.
“If the kids were renting like Amber was they would be paying £1,200 a month, that’s a 500% increase.
But her children were happy to agree.
“They agreed and even asked what day of the month I wanted money in my account. There were a few moans but when I showed them the grocery and gas bill, they quickly changed their minds.
“If your child has a job then there is no reason why they can’t contribute to the household expenses. If they were in a group house they would not live there for free.
“I feel better having decided on a rent amount and agreeing to it with the kids. I know it’s the right thing to do.
“They don’t love me any less. In fact, they’re cleaning up more and treating me to dinner regularly.
The kids' views on paying rent to live at home
Natalie’s children share their thoughts on living at home.
Amber, 29, says: “I moved back in recently after paying £1,200 a month for a tiny studio flat. Two hundred pounds a month is a bargain for me. I love being at home.Mum makes it so nice we don’t want to leave.
I am glad she has set the rent price. It allows me to get serious about my finances and plan to save for a mortgage.
As an adult child you do feel guilty living at home and I always help out and buy food.
Sasha, 26 says:“I travelled so much in the past six years I could not have afforded a flat and to travel for work. Having my parents home as a base was and is amazing.
We all get on so well. Mum loves spoiling us. I like that she’s decided on a fixed rent. It doesn’t work if occasionally you buy food or clean up.
If a parent doesn’t have the conversation with their adult child and keeps the fact they are paying more for gas, electric and groceries it isn’t fair.
This way we all put it into the family pot.
Dylan, 20 says: “Being at home has helped me study and not worry about bills.
I only left school two years ago. I am the youngest.
I tell my sisters they have had longer not paying any rent.
I moaned a bit because of that but if I didn’t have mum and dad’s house I’d be flat broke.
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