fbpx

Canada Life: 35% of grown children move back into family homes

Jake Carter

November 11, 2020

home sales

Since lockdown began, 35%, equating to 3.5 million grown up children have moved back into their family homes, according to Canada Life.

Moreover, the resulting cost for the partners is estimated at £425 per month, and the estimated savings for the grown up children is £714 per month.

In relation to this, the data shows that 78% of the grown up children are contributing to the family household bills.

Overall, the living situations of 7.2 million Brits, 14%, have changed since January, with 10% directly attributed to COVID-19.

Despite the change, 83% of those with altered living situations outlined that they were happy with their new circumstances.

However, of those who welcomed their children back, 27% said they would like their children to move out, and 24% expressed concern they would stay longer than anticipated.

Alice Watson, head of marketing and insurance at Canada Life, said: “For many, the events of the last few months have brought families back together again and challenged the multi-generational norms to which we have become accustomed.

“Lockdown has been a once-in-a-lifetime opportunity to live with family members again for some, but others are keen to return to normality. However, the reality is that we may see the impact of COVID-19 affecting our living situations for much longer than anticipated.

“While younger generations have had an opportunity to save money during lockdown, those parents welcoming back grown up children have been hit with financial pressures – including increased utility and food bills – which could have a knock-on effect on their retirement income.”


Sign up to our daily email