17% of stay-at-home adults choose to do so to enjoy an easy life
The rising number of young adults (18-34) living at home is no secret: according to the ONS there are now 3.3 million of them. Now new research reveals the reason why so many are choosing to stay at home – for an easy life.
The research, conducted for budgeting account provider thinkmoney.co.uk as part of its Great Escape campaign, has revealed that 17% of live-at-home 18 to 34-year-olds do so because they prefer to, rather than on their own or with friends. That’s the equivalent of over 500,000 people in this age bracket living at home across the UK.
No rent
thinkmoney’s research showed that just 44% of young adults living at home pays rent. 42% contribute nothing financially and a further 15% only pay rent from time to time.
Parental Pampering
But the benefits of living at home are not just financial. Four out of five parents (84%) admitted to doing the laundry for the grown-up children living with them; 83% said they did the cooking; 82% the food shopping; 55% do their ironing and 25% even clean their bedrooms for them!
Whilst some young people believe they do more to help out at home, 35% admit to not doing their washing, or cooking, 45% say they don’t shop for food and 30% admit to being strangers to the vacuum and bathroom cleaner. In fact, 7% of young people still living at home admitted to doing no chores at all.
When asked for the best things about living with their parents, the most mentioned reasons were “saving money”, “home cooking” and “home comforts”.
Mummy’s boys
This perhaps explains why one in six (17%) people aged between 18 and 34 who still live with their parents said they had no plans to move out. This rose to nearly a quarter (23%) of male respondents in this age bracket, compared to 13% of women.
Northern softies
Across the country, those living in the North West were the most likely to say they preferred to live with their parents. Nearly a third (28%) of respondents here said they liked to live at home rather than moving out, closely followed by 26% of respondents from the North East who said the same. In contrast, just 2.9% of people in the South East and the same proportion from East Anglia said it was their preference to stay at home.
Money saving
Whilst 17% of 18-34s living at home actively chooses to do so, a larger proportion are forced back for economic reasons. Over a third of those living at home (35%) do so because they can’t afford to rent a place of their own and a further 17% do so because they can’t afford to buy. A further 27% say that they are saving for a deposit on a house. Interestingly 4.8% of young adults living at home do so because it is traditional in their culture.
The majority of young adults living at home are working (62%), 22% are in education or training but 16% are unemployed.
Ian Williams, spokesman for thinkmoney, says: “There have been many reports in recent years that 20-somethings are being forced back into the family home because they can’t afford to get on the housing ladder or rent their own place. Whilst there is no doubt that finances are a key factor for the majority, a sizeable minority are choosing to live at home to enjoy an easy life.
“Not having to contribute financially or help out around the property certainly makes staying at home with mum and dad a cushy choice.”