Over the last 10 years the number of people aged 25 to 34 who live with their parents has risen by 37%, according to new research by Aviva.
In 2007 the number of people living at home sat at around 903,000. Today that figure has rose to a whopping 1.23 million.
The findings of the survey, do however, point out that this trend sits alongside the 45% rise in house prices for first-time buyer homes. In a poll of 500 people aged between 16 to 34 who live with their parents, it was found that the majority expected to be aged 28 before they left home. What was found to be more shocking was that 8% of those polled admitted they didn’t ever expect to leave home. That means 1 in 12 plan on relying on the bank of Mum and Dad to fund their accommodation for the rest of their life.
Unsurprisingly, the main reason for the younger generation staying a home is due to lack of funds. Almost two thirds (62%) say that they can’t afford to move out, while 48% live with family purely to save money.
Doom and Gloom for Parents
Gone are the days of seeing your kids grow up and leave home to begin pastures new. It could be a long time away before parents really get their lives back. As if cleaning up toys, old boxer shorts, make-up and all the dirty laundry that goes along with Millennials wasn’t bad enough. It could now mean that parents are left to dry clean work clothes and lay out the days uniform for their adult offspring.
While Millennials have grown a bad reputation for sponging off parents and living at home for a unnecessary length of time. It proves that this could result in a negative state of mind. In fact, those who live at home beyond the age of 26 were 5.5 times more likely to be unhappy with their living arrangements compared to those who have moved out on their own. According to a survey carried out by Comet, a student loan website.
Romance Not on the Cards
It’s also not unsurprising to hear that living at home has an impact on Millennials dating lives, with nearly 1 in 3 saying they are not at all happy with the romance in their lives. In comparison, 1 in 10 of independent Millennials are unhappy with their dating circumstances.