Would you move back home to save money?

Leaving home is a huge milestone for a young person, but money worries are prompting many to consider moving back.

According to research from Access Self Storage, almost half of millennial and Gen Z adults (49%) are thinking of going back to their parents’ house for financial reasons.

And interestingly, many young adults have already seen lots of their friends and peers take this step.

In fact, two-thirds (66%) said it’s common for young people to go back home so they can save money on rent.

Meanwhile, more than eight in ten (84%) said they’ve had friends or colleagues say they had no choice but to move back in with their parents.

Why are people moving back home?

Perhaps unsurprisingly, the growing cost of living is forcing young adults to rethink their living arrangements.

When asked why they went back to their parents, more than three-quarters (77%) cited high household bills.

This was followed by:

• rapidly increasing rents - 71%
• stagnant wages - 65%

And by living at home for a time, they’re hoping they’ll be able to get ahead financially - or at least not fall too far behind.

For example, six in ten (60%) said living with family makes it easier to save money on rent and bills.

Others said it helps them:

• put money aside for a deposit on their own home - 56%
• pay off debts - 48%

And nearly one in four (23%) feel they’re saving because they have their meals cooked for them.

Young adults aren’t confident of getting on the property ladder

Despite moving back home to save money, many young adults still aren’t optimistic about buying their own house.

When asked if they think they’ll ever be able to get on the property ladder, nearly a third (31%) said they don’t think this will happen.

Instead, some are relying on other possibilities.
 
For example, more than half (56%) said they hope they may eventually inherit their parents’ home.

Help is available

If you’re struggling to balance rising living costs with saving for future goals, then it might be time to see what help you can get.

We’re here to give you practical support, such as helping you:

• find out what benefits you can claim
• create a household budget
• deal with your debts