Almost half of Britons live in or near their childhood home, a new report reveals – contradicting the assumption that many adults move away from their childhood home to pursue work and education opportunities.
Financial concerns and the need for family support means 47 per cent of people have stayed or returned to the area they were brought up in, according to TSB.
The research found that a third of 18 to 24 year olds cannot afford to move away while 36 per cent of the same age group said they returned in a bid to enjoy a better quality of life.
Other reasons stated by those returning to their childhood home included a better chance of being able to afford to buy a property. They also stated living somewhere familiar and being near parents they’d look after in old age as important.
For those aged 25 to 34, the need to be close to family proved to be the biggest attraction for 58 per cent. This was the same for those in older age brackets.
Those people who returned – or were planning to – had normally made the decision by the age of 29. The report suggested this could be to do with wanting to start a family.
Ian Ramsden, TSB’s mortgage director, said: ‘Family ties are a key factor in the decision to move home. For many people this centres on giving and receiving support to raise their own families or support older generations as external pressures such as childcare costs are beginning to impact on everyday living.’
Despite the urge to return to childhood surroundings, most people define home to be the place they are currently living as opposed to the place where they were born – 70 per cent and 14 per cent respectively, according to the report.
The reasons for leaving also depends on income, with 39 per cent of higher income earning households having done so to attend university. A further 18 per cent said it was to be close to their partner and 10 per cent said it was to go travelling.
A total of 11 per cent on lower incomes said it was to improve their family’s quality of life, while 20 per cent said it was to pursue work opportunities.