Nearly half of young adults in Milton Keynes still live with their parents
Survey shows those choosing not to fly the nest save around £9,000 a year
Nearly half of young adults across the country live with their parents, according to a new report.
The study was conducted by home interior experts at www.Hillarys.co.uk, which polled 2,100 people aged between 18-34 on whether they live at home, and their plans on flying the nest.
It found that almost half of young adults in the UK (48%) currently live at home; this represents a 12% increase in comparison with 1996 (36%), and a 6% increase on 2020 (42%).*
Those who have left home and live independent of their parents were asked what age they flew the nest, with the average answer found to be 24 years old.
Asked why they currently live at home, the most popular answers were: to save money for a deposit (38%), because they work in the same town (26%), and to have the freedom to explore interests (23%).
When asked how much those who live with their parents spend on rent and food, the average outgoings came to between £250 - £350 a month. Meanwhile, those who have moved out revealed they spend upwards of £700 on rent alone, with a food and living budget of £200 - £350, totalling around £1,000 a month. This means that those still living with their parents are saving an average of £725 per month, or £8,700 a year.
The respondents were also questioned on how much they enjoyed living with their parents; just over half the participants(55%) said they were “happy” with their living situation, listing reasons such as eating well, having a parent to help them out, and less responsibility.
Conversely, 21% of participants said they are “unhappy” with their living situation, listing reasons such as having regular arguments with parents, and wanting some independence. Nearly all respondents (79%) said that the pandemic made living with parents worse, due to be locked up inside without any other social contact.
Lucy Askew, spokesman for www.Hillarys.co.uk, said: "With the cost of average first homes rising, making it very difficult to get on the mortgage ladder , it is unsurprising that more young people are choosing to live at home for longer. The savings made from doing so can be huge. It can be hard however to live in such proximity to their parents, when they would like to experience life more independently.”