More Young People and Old Generations Live in Family’s Home

According to a recent research, there have been an increasing number of cash-strapped households that choose to let the younger generations and senior family members to stay at home in order to save money and resort to ask for loans from friends and family rather than from lenders.

The research conducted by Aviva has revealed that families are taking drastic measures just to make the ends meet since the double-dip recession still continues.

Because of the higher cost of care costs, elderly relatives opt to live with their children. In contrast, the impossibility of several first-time buyers entering the property market indicates there will be more young people staying longer in their family homes.

73 percent of people aged above 18, which is equal to 36 million, have lived with their families even into adulthood. Generally, they save £225 every month by staying in their family home. However, it still costs the family £107 every month.

The key is to assist young people and couples save money in order for them to buy and move into their own home.

More or less 18 percent of people living with their families are students, and 17 percent are older generations returning to their children’s family home.

According to Louise Colley, head of protection sales at Aviva, nearly 20 percent of inter-generational living is because of families welcoming back the older generations into their homes. Moreover, since the population is rapidly aging, this will more likely be customary in the future. Thus, it is important that families consider this factor especially when purchasing and renovating their homes.

The Family Finances Report of Aviva also discovered that there is an increase in the amount of money being borrowed by cash-strapped families from their friends and family. The usual size of these loans was twice as much in the past three months and reached £1,545 in August, which is currently a record high.

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