The cost-of-living crisis is making it hard for young people in the UK to move out of their family home, according to research from Vitality.
More than a third (35%) of UK adults under the age of 35 have said the cost-of-living crisis either has or will prevent them from moving out of their parents’ house.
This figure rose to 41% for those aged 18 to 24.
The research, which surveyed 2,000 people in the UK, revealed the impact the current economic environment is having in preventing young people from reaching typical life milestones, such as buying a house and taking out a mortgage, getting married, or starting a family.
Not only is this challenging for those trying to leave home, but also puts greater strain on families that are already feeling the burden of rising bills.
Half of under-35s said it has already stopped them from getting on the property ladder, and a further 20% said they believe it will stop them.
Three in 10 of the same age group also said the cost-of-living crisis has stopped their plans to start a family (28%).
The research also found that these milestones are often when people seek to take out life insurance.
With the cost of living delaying some of these key moments, many are also putting off taking out life insurance.
19% of those who had life insurance took it out when they purchased a property with a mortgage – it’s clear that fewer people getting a foot on the property ladder will lead to fewer people taking out a policy to protect them and their families.
Justin Taurog, managing director of VitalityLife, said: “It’s always tough for young people to save for their future but that’s being accentuated by the incredibly challenging financial situation many find themselves in at the moment.
“Our research shows that major milestones like buying a house are often a key catalyst to taking out life insurance.
“With these being set back, it’s more important than ever that as an industry we offer real value from our products to ensure people continue to take out protection to support them and their families.
“Vitality’s approach to insurance means our members get benefits in the form of rewards and incentives from day one of their policy, meaning customers can get something back from the money they spend on their policy.”
