It’s well documented that more grown-up children are now choosing to live at home with their parents for longer.
Now, new research from SpareRoom reveals just how much longer that could be: almost half of their lives – if not more.
One in eight (13%) of those who have always lived with their parents are aged 35 to 55+. Currently the average life expectancy in the UK is 81 years.
That means people in their mid-to-late thirties have lived with their parents for nearly half of their expected lifespans – while those over 55 have spent more than two thirds (68%) of their lives under their parents roofs. Furthermore, of all of those surveyed aged 35 – 55+, 40% have never moved out of the family home.
Astonishingly, one in two (50%) adult children who currently live at home have never moved out. What’s more, 37% don’t expect to move out within the next six months, with the likelihood of moving out decreasing after the age of 25.
Whilst living at home and spending time with family is seen (by most) as a positive bonding experience, it has an impact on important milestones outside of the family home for children, not to mention the cost implications for parents.
The majority (55%) of parents with adult children living at home cover extra expenses because of this, with the average parent being out of pocket by £117 per child each month.
The bank of mum and dad, now also known as the hotel of mum and dad, helps pay for their adult children’s food (64%), clothes (36%), fuel (25%) and even ‘pocket money’ for them to socialise with their friends (25%) while they’re living at home. Many parents also paid for their subscriptions (20%) and holidays (23%). Covering mental health and therapy (12%) costs were also on the list of expenditures for parents.
Miriam Tierney, SpareRoom spokesperson said: “We’ve known for some time that the number of adults living at home with their parents has been rising. The main factor driving that is how expensive housing is, regardless of whether you’re renting or buying. What hasn’t been clear, until now, is just how much of their lives people could be spending in the family home.
“There are, of course, plenty of positives to multi-generational living and in many countries and cultures it’s the norm. However, in the UK the trend is clearly being driven by the housing crisis rather than choice and it’s restricting career and social opportunities for a whole generation.”
