Housing crisis highlights delayed adulthood

(First published at www.ilcuk.org.uk) 

Over recent years, the housing market has failed to deliver adequately for both younger and older people. House prices have become too expensive for many younger people, whilst older people who want to downsize or move to retirement properties have found it difficult to sell.


The report found that:
• 73% of over-18s – amounting to around 36 million people – have lived with extended family into adulthood, with the vast majority citing saving money as the reason
• The average duration of this living arrangement is typically up to a year, although 24% say they have lived with another generation for more than five years, and 8% for more than 10 years
• The majority of shared living occurs when children remain in the family home during their late teens and 20s while looking for work. This accounts for 37% of family lodgers
The report also highlighted worrying trends in terms of incomes, debt and savings.
• Average household incomes have fallen by 7% since May 2012, to £2,003
• Family debts creep up by 13% over quarter to £10,563, up from £9,314 in May 2012
• The typical family’s savings fell to £1,131 (Aug 2012) from £1,228 (May 2012) but remain higher than the same period last year (£982 – Aug 2011).

The impact of this trend is highlighted in the latest Aviva Family Finances series, which focussed on the growing trend of intergenerational living.

There is increasing recent academic and social policy interest in delayed adulthood, and this report highlights but one aspect of this trend. ILC-UK has conducted some interesting work with our international partners as part of the ILC Global Alliance looking at multigenerational households around the world. While there are many advantages to intergenerational living, this trend in ‘delayed adulthood’ as well as the economic strains which are causing families to live this way can put pressure on relations between generations.

Maintaining good intergenerational relationships is dependent on managing these issues effectively. It is vital that links between generations are not eroded by the economic tension facing families across the UK and around the world.

David Sinclair and Jessica Watson

Aviva Family Finances report, August 2012

Global Perspectives on Multigenerational Households and Intergenerational Relations

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