According to a study from a UK money saving brand, the three generation household is on the rise, as more and more people opt to live with their parents despite having children of their own.
The study, conducted by www.vouchercloud.com, polled 1,921 UK residents as part of ongoing research into family influences on personal finances. Respondents to the study had to be aged between 20 and 40, with at least one child of their own, as well as having at least one parent who was still living.
The study initially asked respondents ‘Would you contemplate an arrangement that saw you live with your parents and your own children in the one home?’ to which 48 per cent said that ‘yes’ they would.
From the total respondents, it emerged that one in seven, 14 per cent, said that this arrangement was ‘already in place.’
Those people who said that they would consider living in a three generation household or for whom this was already the case were questioned further. They were asked what the main reasons for this would be and asked to select from a list of possible answers, with the option to select more than one if they needed to. This revealed that the ‘money saving potential’ was the main factor, with 67 per cent agreeing. 36 per cent said that they liked ‘keeping the family together’, whilst a further 35 per cent simply said that it was down to ‘convenience’.
Those who were living as part of a three generation household were questioned further, which revealed that 68 per cent of these cases involved single parents in the middle generation, whilst the remaining 32 per cent said that their ‘partner also lived with them’. 56 per cent lived with both of their parents, whilst the remaining 44 per cent only lived with one.
In 57 per cent of cases, both the middle and older generations were working, however 28 per cent had only one generation in work, with the remaining 15 per cent having no one in work within the entire household.
The financial benefits of the arrangement were also looked at, as respondents were asked in which areas of their finances they believed they made the biggest savings through living in a three generation household. Respondents were allowed to select more than one answer if they wanted to and the top 5 answers were revealed as follows:
1) Rent/mortgage payments – 68%
2) Utility bills – 54%
3) Food bills – 41%
4) Childcare/babysitting – 38%
5) Transport costs – 18%
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