27-03-2006 11:37
In a trend dubbed “ant hill families” more and more 30-somethings are choosing to save money and go home to live with their parents again.
Young people struggling with mortgages and debts are realising that there is a financial benefit for themselves and their parents, to pooling their finances and living together, according to a report by the Future Laboratories.
The research found that as many as 3.5 million people had returned to their family home to save money. The trend has been dubbed Anthill families, because it involves all the members working for the greater good of the group.
Jeremy Ward, head of pensions marketing at Friends Provident, who commissioned the study, said: "These family homes are beginning to resemble ant hills as children move back in and club together for the common good, paying one set of bills and clearing down one mortgage.
"The natural progression will be for families to try to build a retirement fund for all."
The report also showed that there are a growing number of people starting businesses in order to top up their pensions, as people begin actually doing something they had always wanted to do but had not previously had the time for.
At the same time, there are groups of people in their 50s and 60s who do not plan to retire, as they seek ‘bridge’ careers, enjoying the challenge of working.
The Future Laboratory questioned 1,000 people across the UK, as well as a panel of 50 experts from Government, the pensions industry and related organisations.
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