The economic downturn has been responsible for many embittered grumbles. Tax hikes, spending cuts and increased unemployment have given Briton’s understandable cause for complaint, and now there’s another grievance to add to the list. You know your son? The balding thirty-something who eats all the kitkats and plays the guitar? Yeah, well he’s moving back in. And not just him. The mother-in-law you get on with oh so well has kicked your computer down the hall and made your study her new home.
Recent research has shown that one of the biggest side effects of the British double-dip recession is a steep rise in intergenerational living. Insurance company Aviva recently conducted a survey which revealed that of the 2000 participants 73% had resided with a relative belonging to a different generation after reaching adulthood.
According to the survey the most widespread type of intergenerational living involves an adult child returning to live with their parents, with some flying back to the nest as many as three times. In 2011 three million UK residents aged between 20 and 34 were living with their parents.
Job cuts, decreased investment and company cutbacks have created a fiercely competitive job market. This, coupled with soaring house prices and rental costs, has left many of the younger members of the population unable to afford a 1 bed hovel (let alone a detached 4 bed with hardwood floors). For the majority of them the most viable option available is to return to the family home and thank god their parents didn’t “downsize”.
Angus Hanton, co-founder of Intergenerational Foundation, commented on the results: ‘As this report makes clear, rather than striking out on their own young people are having to resort to dependent living because of record levels of rent, food and energy price inflation, few jobs and few prospects’.
37% of adults living with their parents said they were doing so while they looked for job, 30% were living with them prior to university, 18% remained living with them whilst attending university and 16% had returned home after completing university.
A quarter of those involved in the survey aged between 25 and 30 lived with their parents.
The primary reason for this and other kinds of intergenerational living is financial. Sharing rising living costs with family members is logical for those who would otherwise struggle. Living with parents for a discounted rent is also one of the few ways those who aspire to home ownership will be able to afford to take that step in the future.
Over half of the people surveyed (57%) said that they couldn’t afford their own home, whilst 33% said they were staying with parents in order to save funds. A further 12% claimed that living with family members has helped them tackle financial issues like debt.
The other main type of intergenerational living involves an elderly person living with younger relatives. Providing an elderly family member with care is obviously a big factor in this case but cost is too. According to another study conducted by Insurer LV=, on average long term care for the elderly is costing £26,000 a year, a price much of the population simply can’t afford to pay.
The Aviva survey also showed that 4% of couples with children were living with their parents, 3% of single parent families were living with their parents and 7% of people had moved back in with their parents after a relationship breakdown.
Director of United for All Ages Stephen Burke recently commented on this growing life choice: ‘We are likely to see more households sharing space, costs and care. It makes economic sense, but it also has social benefits from reducing loneliness and sharing the caring to increasing understanding between generations. Families have chosen to live together as a way to ‘survive and thrive’ in hard times. We need society and government to recognise and support this trend’.
For some, both young and old, the idea of moving back in with their parents is far from appealing, but significant savings can be made. The survey showed that if an individual lives with family members they can save £225 a month. The extra monthly cost to the household of supporting said individual is £107 which leaves an overall gain of £119.
That might just make up for having to share a bathroom with your mum again.
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