High housing costs have "huge impact on families"

02/02/2010

Debt management and money advice could be needed by old and young alike as Shelter has reported that high housing prices are affecting children, parents and grandparents.

All three generations are missing out on the opportunities that come with living close by to family, the charity revealed.

Around 1.5 million adults say they would look after their elderly parents but are unable to afford to live close enough to them.

Conversely, 1.5 million grandparents would like to help to take care of their grandchildren but can't afford to live nearby in order to do so.

Kay Boycott, director of policy and campaigns at Shelter commented: "Many families desperately need the support and care of relatives but the current housing crisis is making it impossible for family members to support each other in the way they want to."

The survey also found that 22 per cent of 18-34-year-olds were still living at home, with over half reporting that relationships was harder due to living with their parents.

High housing costs were found to be responsible for 45 per cent of these people remaining at their parents' homes.

Posted by Fiona Smith

Tags; Housing Debt and Bills,

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