Growing number of young adults stay at home
NEARLY HALF a million more young adults could still be living with their parents over the next decade if current trends continue, according to an insurer.
Aviva, which is based in York, said the number of adults aged 25 to 34 who live with their parents has already grown by 37 per cent over 10 years, from 903,000 to around 1.23m.
If this trend continues, it said the UK could see a further 452,000 people aged 25 to 34 living with parents in 10 years’ time, according to Aviva, which analysed Office for National Statistics (ONS) data from 2016.
Aviva said the growing trend of multi-generational living has come about alongside a 45 per cent jump in house prices for first-time buyer homes between 2006 and 2016, with the average price paid rising from £146,000 to £211,000.
A survey by Aviva of 500 young adults who still live in the home they grew up in found one in 12 (eight per cent) do not ever expect to fly the nest.
On average, those who do expect to move out at some point believe they will be aged around 28 years old when this happens.
When asked how they felt about their current living situation, 47 per cent of adults living with parents said they were “very happy”.
But happiness with their situation appeared to diminish for the over-30s, with less than a third of people aged 30 to 34 who still live with their parents saying they were very happy with their circumstances.
Nearly two thirds of adult children living with parents said they could not afford to move out, while 48 per cent said they live with family to save money.
Nearly a quarter of adult children living in the family home said they liked being “looked after”.
Meanwhile, more than threequarters of over-55s want to have some control over how the next generation spends their inheritance, a survey has found.
Some 77 per cent of people in this age group would like to have an influence over how their legacy is spent, according to Prudential.
About a third do not want their wealth to be “squandered” by their children.