Of those surveyed, the majority of 18-24 year olds (70%) who have had to move back home, did so on an individual basis, however 17.50% moved back into their family home with their partner too.
The First Direct survey reveals that the top reasons for 18-24 year olds having to move back in with parents were:
1) After finishing University (22.50%)
2) To save for a mortgage (18.75%)
3) To be nearer family (8.75%)
4) Because of breakup/divorce (8.75%)
Those aged between 18-24 revealed that living back at home allowed them to set aside £246.65 on average each month, into some form of savings format (e.g. savings account/help to buy ISA) – which accounts to 28% of their monthly wage (on average).
This age group also revealed that whilst living with parents they do/did contribute an average of £285.59 each month, and they believe they’re saving/did save an average of £329.19 per month as a result of not paying for rent and bills etc.
Interestingly, this age group is the age group most likely to contribute money towards the rent/mortgage whilst living back at home, with 41.25% admitting to doing so – the highest out of all the age groups.
No place like home
The research suggests that people in this age group simply cannot beat home comforts and the security that their family home offers. Although 20% did admit that they felt embarrassed for moving back home, 42.50% said they felt secure; 40% said they felt safe; and 38.75% said they felt comfortable.
The reality of moving back home
Although half of those aged between 18-24 said that moving back home had a negative impact on their sex life; the research suggests that the positives outweigh the negatives.
This age group said that moving back into the family home did have a positive impact on their disposable income (69%) and their savings (64%).
Interestingly, the research reveals that nearly half (47%) of the 18-24 year olds surveyed said that it also had a positive impact on the relationship with their parent(s).
How do the parent(s) feel?
Admittedly, both children and parents might face some struggles when living as a family unit again, however the positives within this study really do shine through – and this is also reflected from the parents’ survey results too. Although the findings suggest that many parents end up out of pocket, with the average monthly outgoings increasing by £133.20 (equating to £1,598.40 every year) - the majority of parents admit the financial hit is worthwhile in order to support their children, in turn making them feel happier (45%), comfortable (35%) and helpful (30%). Parents also highlighted that the increase in time spent together is a resounding benefit; with the majority of them (37%) agreeing the experience has positively impacted their relationship and even social lives.
Photographer Emily Macinnes, who worked with first direct on a photo series that set out to capture such stories and is titled Boomerang Women, explains,
“Having moved back home myself when I left university, I experienced first-hand how the dynamics between parent and child develops into a much deeper relationship based on respect and friendship.
“Spending time with so many different boomerang families over the past few weeks has confirmed how positive and enriching it can be to move back home, despite the often-negative social connotations.”
The stories of the boomerang generation
Emma, 26: “We have dinner together most evenings.”
“I rented in London for a few years, but a lot of my friends and family were still in the North. Moving back means I’m now spending a lot less time and money travelling to see everyone.
My younger brothers George and Oliver are also living at home, which means our house is full of friends, family energy and life, which I love. I think my Mum likes the fact we’re all under one roof again, too!
We all have busy lives but despite that, we manage to have dinner together most evenings after a lot of texting to figure out who’s in and who’s cooking.”
Sheree, 23: “It’s the emotional side of home that I appreciate.”
“Since I boomeranged home to West London, it’s safe to say my mum and I have become firm friends. We spend a couple of evenings together each week, either at home cooking, watching TV in our pyjamas, or meeting up for a drink.
“Moving home was the obvious choice for me when landed a new job in London. As well as being an easy commute, being at home means I can start to save to buy my own place too.
“But it’s the emotional side of being at home that I appreciate the most. I live with someone I truly love and know that when my mum asks how her day has been, it’s because she genuinely wants to know.”
Louise, 23: “I’ve been settling into my career and saving for a house.”
“After graduating I was faced with the choice of renting with friends or moving back home to Manchester. I decided that moving home was by far the most feasible, and appealing, option.
“I landed a dream post-graduate job and have been using the time at home to settle into my career and save enough money to buy my own house with my boyfriend, who is also living with his parents.
“As well as being able to save, I get to benefit from the home comforts and support of my mum and Andy, who are always on hand to offer advice and rescue me in car-related emergencies! In return, I offer advice and hints from the latest YouTube beauty vlogs, which my mum loves.”
Visit First Direct, for more information on finances and mortgages that might aid your research on moving out of home.