Living alone has been dubbed ‘unaffordable’ (stock photo) (Image: Getty)
Nationwide has revealed the average age of Brits living in house shares is 35. Research from the building society suggests that over two-thirds of people (69%) think living alone is ‘unaffordable’, leaving Brits with limited options, such as moving home (12%) or living with an ex (10%).
According to the survey of 2,000 people, over 25 million Brits have likely felt embarrassed about their living situation. Nearly half of the respondents said their living situation negatively affected their relationships and personal lives.
People also shared that they felt embarrassed about living in shared houses. The survey found that Brits think 29 is the age at which house sharing becomes ’embarrassing’. But 11% are still sharing to split costs and pool resources, reports the Mirror.
Florrie, 26, in Surrey, said: “I have been living and working in London for five years, but have never been able to save a penny. I would be counting the pennies before payday came around, and feeling like the tight friend when making plans to go out.
“As a result, I’ve just moved in with my boyfriend and his parents in his family home in Surrey, and am now commuting into the city. We’re hoping this will help us save for a house or to go travelling.”
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Talking to Nationwide, a parent shared that she feels embarrassed sharing her home with her adult children. Vicky said: “I currently live in an owned property with my husband and four children. Of these children, three are over 18 and financially independent.
“My son moved out three years ago, but his relationship broke down, so he has moved back in with us. The older children are unable to afford to move out or buy a house, which has made our living situation quite challenging.”
She continued: “Since my son moved back, it’s been a struggle because we only have a three-bedroom house. One of my daughters has to stay at her boyfriend’s house because there aren’t enough rooms or beds for everyone, especially since her brother shares a room with his sister.
Nationwide research says the average age in house shares is 35 (stock photo) (Image: Getty)
“I have felt embarrassed about our living situation, particularly with four children in a three-bedroom house. It’s not ideal, but we have no choice given our circumstances. Sometimes, I wonder about my future and my relationship, and I feel that not having enough money impacts me, making me feel stuck where I am. The financial strain is a constant concern and affects my overall well-being.”
Elsewhere, Flo, 65 in London, said: “I own my own home, but began renting out two of the rooms because I was facing financial difficulties and needed an additional source of income. I can’t say that I’ve saved a significant amount of money, but having lodgers has helped me maintain a better quality of life. Having lodgers has sometimes been challenging, mainly due to personality differences and, more frequently, disagreements over household chores. I expect to maintain room rentals until I am in a position to retire.”
In response to the research, Richard Stocker, Head of Savings at Nationwide said: “Whether it’s saving for a first home, getting on the housing ladder or moving out for the first time it’s important to start with achievable savings goals. Make the most of your ISA allowance, and use a good budgeting app like Nationwide’s Budget Builder, they can do the heavy lifting. With the right tools, getting on top of your money feels far more doable.”
