Almost a quarter (23%) of renters aged between 21 and 34 have stated that they frequently consider moving back into their family home, primarily due to high general living costs.

Research by Compare the Market found that of those who are paying rent on a property and have considered moving back to their family home, over half (55%) said this was due to general living costs being too high, while two in five (40%) cited saving money to buy a property.

Just under three in 10 (29%) people said that they are struggling to pay rent specifically, with 73% saying that they found it challenging to afford their rent over the past year.

The research also found that one in five people (21%) in this age range still live in their family home, with 35% saying that this is because of the high cost of living.

The same proportion (35%) said that they are saving up to buy their own home, while 24% stated that they simply prefer living with their family.

Of the 21 to 34 year-olds who currently live in their family home, 64% said they plan on moving out in the next year. Of this proportion, 40% intend on buying their own property, while 24% plan on moving into rented accommodation.

Director at Compare the Market, Helen Phipps, said: "A significant number of young renters are considering moving back into their family home due to high living costs. We would encourage people who are struggling to look for ways to make savings where possible and ensure that they do not pay more than they need to for everyday expenses.

"People could start by making a note of what’s coming in and going out, avoiding allowing expenses like insurance and utilities to auto renew, and ensuring that they do not slip onto variable or ‘standard’ rates for credit cards."

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