Today, nearly a million more 20-34-year-olds across the UK live with their parents than were doing so two decades ago, analysis from think-tank Civitas recently found.

Some may have never moved out, while others may have “boomeranged” back after university or a relationship break-up a little later on, or to save for their own home rather than pay high rents.

It’s important to be upfront and open about expectations and ground rules on the money front too.

Here are some tips for both generations on navigating the money issues...

Tips for adult children

1. Be open about your finances

Charter Savings Bank found that while nearly 70 per cent of parents say they’re are open about their finances with their children, nearly half (45per cent) of 20-34-year-olds have either debts, savings accounts, or both their parents are unaware of. While it may be tempting to keep debts secret, living at home can be a chance to work with your parents to clear debts.

2. There may be some innovative deals from mortgage lenders which could help you onto the property ladder

Mortgage lending figures from UK Finance have shown that, across the UK, more people got on the property ladder in 2018 than in any other year since 2006. There is strong competition among mortgage lenders to attract first-time buyers.

Research by found that people with a 5 per cent deposit looking for a two-year fixed mortgage rate will find the typical rate on the market has fallen since last August - from 3.95per cent to 3.41per cent.

3. Look at savings schemes which could give your bank balance a boost

Consider Government-backed schemes, such as the Help to Buy ISA. For every £200 you save, you can receive a bonus of £50.

Tips for parents

1. Agree a fair level of contributions for your adult children to pay

Nearly half (47 per cent) of parents don’t charge their adult children rent for living with them according to Charter Savings Bank’s research. Some parents ask for contributions towards food (31per cent), energy bills (23per cent), phone and broadband (17per cent), for example, but a third (33per cent) don’t ask for contributions at all.Try to agree a fair amount for adult children to contribute to the running of the house.

2. Don’t forget about your finances

It’s natural to want to give your children a helping hand, but don’t neglect your own finances. Make sure your plans for retirement and paying off the mortgage, for example, are on track.