New data finds Australians believe 31 is too old to live with parents

Cost of living continues to squeeze personal finances but new data shows the average Aussie thinks 31 is too old to still be living with mum and dad.

Many young Australians are choosing to live at home for longer with around half of 20 to 24-year-olds still living with their parents, according to the ABS.

Finder surveyed 1,010 Aussies in May and found Gen Z and Baby Boomers agreed that 30 was the cut off for “too old” to live in the family home, making them the least tolerant generations.

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Finder’s personal finance expert, Sarah Megginson said many young Aussies were missing out on the rite of passage and delaying major milestones like moving out.

“The idea that everyone should be out of home by their early 30s doesn’t reflect the financial reality facing many Australians,” Ms Megginson said.

“The housing crisis has changed the timeline of adulthood for an entire generation.

“The traditional milestones of adulthood are being pushed further back, with many people delaying moving out, buying a home and starting a family,” she said.

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Gen Y and Gen X were a little more tolerant with both generations saying 32 was too old to still be living at home.

Ms Megginson urged young people to use a high interest savings account to maximise their time at home.

“Living with your parents at 31 may raise eyebrows, but struggling to afford rent is becoming the norm,” Ms Megginson said.

“Living at home longer can be a smart financial move, allowing young adults to save a deposit faster and avoid the pressure of soaring rents.

“If you’re staying at home to save, make sure you’re actually making the most of it,” she said.

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