As the Christmas season comes to a close, it’s natural to reflect on the precious moments and cherished time spent with family. But what if this feeling of togetherness lasted beyond Christmas? What if we could transform each day into a special occasion?
Contrary to the belief that we typically shy away from prolonged family time, our research at iHus has revealed a significant shift in attitudes towards multigenerational living.
A Shift in Perspective: What Our Multigenerational Living Research Tells Us
In our Full Family Living Report, we unearth a surprising change in perception. A whopping 56% of Brits express a genuine willingness to have their parents or in-laws live nearby. This shift from conventional family structures is even more striking, with almost a quarter (23%) considering cohabiting with their parents. Reasons cited range from shared living expenses to mutual support as parents age gracefully.
Motivations Behind the Move
What is fueling this heartening shift? Our comprehensive report identifies key motivators driving this change. Health concerns for parents (30%), a desire to maximise quality time together (26%), and the need for support with childcare (13%) or household chores (12%) top the list. Interestingly, the pandemic has played a pivotal role, with nearly a third of respondents acknowledging an increased priority on spending quality time with family.
To read the full research, download our Full Family Living Report.
Financial Savvy and Family Values
Beyond solving family dynamics, moving back in with parents could be a wise financial move. With property prices soaring and care home costs rising by 57% in the last five years, cohabitation could save families thousands annually while rekindling cherished family values.
Our CEO, Trevor Smeaton, emphasises the untapped potential of building an annexe: “Over 50% of us want to live closer to our families, yet only a fraction considers building an annexe—a way of being close but still independent.”
Saving More, Living Better
Multigenerational living goes beyond financial benefits. Research shows it can lead to significant savings by eliminating care costs for parents and potentially reducing costs for your children with family nearby. Our research also reveals that almost 40% believe living close to family enhances mental health and provides higher emotional support.
While care homes suit many, multigenerational living offers a forgotten solution to an age-old problem. So, why not consider the idea of moving closer to your loved ones—it might just unlock a happier, healthier, and wealthier life.
Note: Care home cost data is based on our research and TrustedCare’s latest report on care home costs in the UK.