Family matters for three quarters of young people - Money - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Family matters for three quarters of young people

Family matters for three quarters of young people

Category: Money

Updated: 22/08/2012
First Published: 22/08/2012

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 It is now over 6 months old so the content may be out of date.

Costly house prices and debt problems are thought to be just a couple of the reasons behind an increasing number of adults living with their parents.

Around 73% of people said they had resided with their family at some point as adults, with 10% of couples currently living with one set of parents.

Those living with their families believe they are saving at least £225 per month, even more for childless couples, allowing time to repay outstanding debts and save for deposits for their own homes.

The increase in inter-generational living, particularly long-term arrangements, could result in a rise in remortgage activity as more people look to make home improvements and expand their properties, rather than moving.

Louise Colley, head of protection sales and marketing for Aviva said: "Generally we think of children becoming independent when they reach 18, but it's clear many are relying on their families both financially and practically into their 20s and 30s and beyond.

"There's also evidence of older family members living with relatives for companionship and care, so dependencies can occur at almost any point in families' lives."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Brits overspent on Christmas by £3.8bn

The festive season has well and truly come to an end, and the January Blues have taken over. This has no doubt been partly brought on by excess spending over the Christmas period – and considering how much people overspent, it’s little wonder.

Have your financial habits changed?

2016 was certainly a turbulent year, and it's had a notable impact on household finances. Indeed, research shows that recent events have influenced the way over half of UK respondents manage their finances, with many becoming more cautious.

Kids got £180 in pocket money in 2016

New research has revealed that kids aged 4-14 received an average of £180.44 in pocket money over the last year, which was topped up by an additional £47 on average received in cash over the Christmas period.