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UK Wedding News

18/05/2017

No. Of Adults Living With Their Parents Increases

The number of adults who are still living at home with their parents is continuing to rise, a new study has revealed.

The research, which has been commissioned by Aviva insurance, found that over a 10-year period, the number of people aged between 25 and 34, and who are living with their parents, has increased from 903,000 to 1.23 million. This is a rise of 331,000 people.

In addition, the number of 'children' in the UK, aged between 21 and 34 and living with parents, has also grown from 2.2 million to 2.9 million.

For the study, the company looked at the attitudes of 500 UK 'children' aged between 16 and 34 who live with their parents.

On average, respondents expected to be 28 years of age before they moved out, but one in 12 (8%) said they didn't expect to leave their current residence. Those who expected to stay in the parental home rose to 13% among the 25-29 age group and 18% of those aged 30-34.

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When it comes to buying a house, a third of people aged 16-34 admitted that they never expect to own a home, while a fifth (21%) predicted they would only own a home if, and when, they inherited one. Of those who felt they would own a property one day, 31 was the average age at which they expected to get on the housing ladder.

Respondents were also asked how they felt about living with their parents to which 47% said they were 'very happy'. Just 16% said they were unhappy with their circumstances. However, for adults aged 30-34 still living with parents, the number of those 'very happy' falls to 31%, while 'unhappy' inhabitants rises to 28%.

When it comes to reasons for living with parents, a majority cited financial reasons. For example, almost two thirds (62%) of adult children living with parents confessed that they can't afford to move out. A further 48% said they live with family to save money.

For 24% of respondents, they admitted that they like being looked after, with 14% saying they are looking after their parents. 10% of people said that they were 'scared' to move out of the parental home.

Lindsey Rix, MD, Personal Lines Aviva UK, General Insurance, said: "The challenges of getting on the property ladder are well publicised, but it's startling to see that one in three adults who live with parents expect never to own a property and further fifth believe the only way they will own a home is by inheriting one.

"However there is good news too, as the majority of 'children' in this situation are happy with this set-up, so in many cases there may be no desire to leave.

"If house prices continue to rise at their current rate, we can expect the proportion of adult children living with parents to grow even further."

(JP/LM)

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0.03125 54.161.21.157 Ban:1, But:1 28/07/2017

"The number of adults who are still living at home with their parents is continuing to rise, a new study has revealed."