More than half of young Briton’s are content with living at home according to recent research.
Information services company Experian has found that 61% of young Briton’s are quite or very content with living at home and only 4% said they were very unhappy.
The survey also found that 25% have no immediate plans to leave home, while 29% have ambitions to fly the nest in the coming year with 31% saying they hope to leave home within the next two to three years.
A third of people cited the high cost of rent as the most common reason for living at home, however a fifth are living at home to save for a mortgage (22%).
Around 17% said the reason they were living at home because they are still in full-time education.
For those young adults who have already flown the nest, freedom and independence was overwhelmingly the biggest reason for leaving the parental home, as 42% of young adults report. Other influential factors included moving in with a partner (17%), being in full-time employment and financially stable (11%) and moving away to study (9%).
Commenting on the research, Peter Turner, MD, Experian Consumer Services UK&I, said: “The research paints a true picture of the reality faced by the 3 million young adults living with their parents in the UK today.
“Whether you are happy to stay put for the time being, saving for a mortgage, or hoping to move out into rented accommodation in the near future, it’s important to start planning for your financial future.
“This means not only saving your money, but also building a good credit rating so that if you do need a helping hand in the future, your credit report will paint the best picture possible of your financial situation when you apply for credit.
“For young people still living at home, now is the time to start building a healthy credit score so that you can use it to help you on the next step of your journey when the time is right.”
