60% of people who moved in with family during pandemic are still there – UK survey
By Vicky Shaw, PA Personal Finance Correspondent
More than half of people who moved in with family members during the coronavirus pandemic are still there, a UK survey has found.
Some 60% of those who moved in with relatives have opted to remain there for the time being, according to Direct Line Life Insurance.
Nearly a third (32%) said they had decided to move back home for the long-term.
In general, parental homes were the most common destination, while other people had moved in with their adult children, their in-laws or siblings.
Feeling lonely, wanting a support system and forming household bubbles were the main reasons for people moving in with family, the research indicated.
Two-thirds (67%) of those who had headed home to their family were aged under 35.
Nearly a fifth (18%) of those surveyed who relocated had been put on furlough and one in 10 (10%) had suffered job loss.
A further 13% saw their move as an opportunity to stop paying rent and save to buy a property.
Nine in 10 (91%) of those who relocated said doing so had enabled them to save money, with the average estimated saving put at around £4,400.
Nearly one in 10 (9%) said they had been able to save more than £10,000.
Although most of those moving back in with family had intended the move not to be permanent, nearly a quarter (23%) had ended up staying longer than anticipated.
Some said they had appreciated having support from their family and that the move had given them a better quality of life than they may otherwise have had.
Moving back in with family had also helped some people’s mental health, according to the survey of 2,000 people across the UK in June.
Vincent Guadagnino, communications manager at Direct Line Life Insurance, said: “Moving back home with family led to many people saving a significant amount of money and it’s great to see some are now considering and planning to buy a new home or relocate permanently. We’d encourage those in that position to consider their future financial stability.”