Covid-19 is leading young adults to move back in with parents – survey
The coronavirus pandemic has forced many young adults to boomerang back into their parents’ homes, according to a survey.
Two-fifths (43%) of 18 to 34 year olds have, or are planning to, return to their family home, either temporarily or permanently, comparethemarket.com’s Household Financial Confidence tracker found.
Among those who have moved back in with parents, over half (58%) said financial worries are a significant driver behind their decision, with one in seven (14%) returning because they have lost their job, were put on furlough, or took a salary cut.
Day-to-day financial pressures have also taken their toll. Over one in 10 (11%) are unable to afford their household bills and a similar proportion (12%) are struggling to pay rent.
A fifth (20%) moved back home to save money so they could afford to pay other bills such as their mortgage.
Nearly a third (31%) of those moving back home said this was to ensure they could be with their family for Christmas.
Nearly quarter (23%) who went home to their parents said they thought it would be better for their mental health.
In addition to moving back home, nearly two thirds (65%) think that they will also have to turn to their parents for further financial support and typically anticipate needing around £600 to tide them over. Of these, 23% do not expect they will be able to pay their parents back or have not discussed repayment.
Ursula Gibbs, director at comparethemarket.com, said: “Our data continues to show that young people have been some of the hardest hit by the pandemic, with many facing challenging employment prospects and a significant squeeze on their finances.
“For many struggling with household bills and expensive rent or mortgage payments, moving back in with their parents is the most viable option. For parents, this can have a significant financial impact, especially when the extra cost of food, heating and other day to-day living expenses are factored in.”
Some 2,000 18 to 34 year olds were surveyed across the UK between November 4 and 9.