Source: The Guardian
A profound societal shift is unfolding, often unnoticed and misunderstood. Recent data from the Office for National Statistics (ONS) reveals a staggering increase in the number of adults in England and Wales living with their parents—4.9 million, up nearly 15% from 2011. While the Covid crisis may suggest a temporary spike, the ONS insists this rise is a continuing trend.
Men outnumber women three to two in this phenomenon, emphasizing its prevalence among males. The share of 20- to 24-year-olds living at home has risen to 51.2%, a significant jump from 44.5% a decade ago. For those aged 30 to 34, nearly 12% are living with parents. Even single-parent families are not immune, with almost half having adult children at home.
This societal dynamic takes a worrying turn when considering potential health crises. If an individual falls ill and requires care, the family home becomes vulnerable to covering care fees, potentially leaving the children homeless. The stark reality underscores the urgency of estate planning.
Estate planning offers a vital solution to safeguard family homes. By taking proactive measures, individuals can protect their assets and ensure that the home remains a secure haven for the next generation. It’s a powerful tool to navigate the complexities of later life and provide peace of mind, especially in the face of unpredictable health challenges.
As housing gains political attention, there’s a risk of overlooking the diversity of living arrangements. When politicians discuss new housing, they often envision traditional homes, neglecting the need for affordable flats suitable for single people. Existing housing innovations seem limited to microflats, offering indefinite studenthood.
The Green party may find a political opportunity by championing millennials and Gen Z, addressing not only the climate crisis but also generational injustices often selectively acknowledged by mainstream parties. This demographic shift requires a nuanced political response to avoid a potential breaking point.
For more details, you can read the full article from The Guardian https://www.theguardian.com/commentisfree/2023/may/22/generation-living-parents-tory-housebuilding-young-adults