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Cash-strapped Brits 'moving back home'

Cash-strapped Brits 'moving back home'

Category: Loans

Updated: 10/02/2009
First Published: 09/02/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Young Britons facing financial pressure are increasingly choosing to move back in with their parents, a survey has revealed.

According to the study by Abbey Mortgages, a fifth of people between the ages of 18 and 24 postponed moving out or returned to the family home last year.

With secured and unsecured loans placing a strain on many budgets, consumers may be choosing the option in order to cut back on their spending.

In addition to the one million 'Baby Boomerangers' identified by the bank as being aged 18 to 24, there were 440,000 people in the 25 to 34-year-old age group that moved back home in 2008, with 471,000 aged 35 to 44.

Nici Audhlam-Gardiner, director of Abbey Mortgages, noted that the step could help consumers to save money, stating: "Millions of Britons have realised that sometimes you have to take one step backwards in order to go two steps forward."

Last week Citizens Advice called for those with secured loans and other debt to be given greater help by the government and lenders.

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