New research has revealed that the recession is leading to increased incidences of three generations of a family living under the same roof.
The economic downturn has led to half a million homes in the UK hosting children, parents and grandparents, according to a new study.
Research by Lloyds TSB Insurance found that incidences of three-generational homes have increased by 7.6 percent since 2005. Many people have struggled to get on the housing ladder due to the drying up of mortgage availability, while people who rely on savings from income have been hit by reduced interest rates.
The report from Lloyds, which was carried out by FDS Research over the first month of the year, also predicted that 56,000 more households will become home to three generations over the next decade - an increase of 11 percent.
Lloyds TSB Insurance spokesman Phil Loney commented: "This report shows that more and more middle-aged people are taking on the care of older family members and supporting children who are going through tough times."
However, the findings also revealed that many families are happy to be living together. While almost two-thirds of multi-generational residents said their situation had been created as a result of circumstances, more than three-quarters were content with the situation while an even greater amount - more than four-fifths - felt it had made their family closer.
