New figures from the ONS highlight the changing shape of family life in the UK*.
- Record high: One-in-three over-65s living alone
- Record high: One-in-four young adults living with parents
- Aviva’s new online services are in place to support people in these times of change
More over-65s are living alone and more young adults are living with their parents than ever before. The traditional shape of life – from starting work to retirement – is a thing of the past. Aviva is committed to helping all its customers at this time of change.
Record number of over-65s living alone
There are now 3.64 million people aged 65+ living alone in the UK, according to the ONS. This is highest number since records began in 1996. This represents one-in-three (32%) of all aged 65+2.
Size of population living alone, by age bracket
| 16-24 | 25-44 | 45-64 | 65+ | All 16+ |
| One-in-thirty
(3% of 7.4m) (216k people) | One-in-twelve
(8% of 17.1m) (1.4m people) | One-in-seven
(15% of 16.5m) (2.4m people) | One-in-three
(32% of 11.4m) (3.6m people) | One-in-seven
(15% of 52.4m) (7.8m people) |
Housing not keeping pace with living alone, and wages not keeping pace with house prices
Since 1996 there has been an increase of 16% in the number of adults of all ages living alone. Over the same period, the UK housing stock has increased by just 14%3. This shortage of supply is putting further pressure on house prices. House prices rose by 8.4% on average over the past year4, compared to wages rising at 2.2%5.
Young adults living with parents at a record high
One way in which this upward pressure on house prices is manifesting itself is by the increasing number of young adults continuing to live with their parents. Today’s data shows that the number of people aged 21 to 34 and living with their parents has hit a new high of 2.9 million. In 2002, the figure was 2 million. 2.9 million people represents one-in-four (24%) of all people in this age bracket.
Commenting on today’s figures, Alistair McQueen, Saving & Retirement Manager at Aviva said:
“Family life is changing. The long-standing tradition of leaving home, then getting a job, then getting married, then having children and then retiring is a thing of the past. More people are living alone and more young adults are staying with their parents for longer, before finding their own place.
“Change brings new pressures. Individuals are having to develop a greater acceptance of uncertainty, and companies are having to adapt their products and services to meet different needs.
“Despite this change and uncertainty, the need to save for the future has not gone away. Nor has the desire to live a full later life.
“Aviva is committed to supporting all its customers, including those starting out on their working life and those in retirement. Aviva’s new “Shape my future” online tool is designed to help people save for their retirement, and Aviva’s new “Live Happier” online service is designed to help people thrive when in retirement.
“We live in interesting times. Aviva is committed to helping all its customers thrive, not just survive, at this time of change.”
Link to Shape my future tool: https://www.retirementtools.aviva.co.uk/myfuture/ShapeMyFuture/LandingPage
Link to Live Happier service: www.livehappier.com
Ends
Sources
3 https://www.gov.uk/government/statistical-data-sets/live-tables-on-dwelling-stock-including-vacants
4 http://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/aug2016
If you are a journalist and would like further information, please contact:
Aviva Press Office: Fiona Whytock: 07800 692299 or fiona.whytock@aviva.com
Aviva’s retirement spokesperson, Alistair McQueen, is available for comment/interview
Notes to editors:
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers, across 16 markets worldwide
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