Almost half of Empty Nesters across the UK say they are not considering downsizing to a smaller property despite their children having ‘flown the nest’, according to the latest research from Lloyds Bank.
Many parents are making the most of this new chapter in life, with almost two-thirds admitting that they are enjoying the newly found space and taking joy in rediscovering their independence. Over two-fifths said that they are now better off financially and over one in three say that they are able to spend more quality time with their grandchildren. Being financially better off has also meant that Empty Nesters have been able to travel more with six per cent saying that they’ve now had the chance to pursue a lifelong dream.
Although most are enjoying the extra space and freedom, a quarter (26 per cent) say that they don’t enjoy being an Empty Nester with 14 per cent saying that it’s difficult to live in the property now that it feels empty.
Strong links to community and extra space for grandchildren keep downsizing at bay
Despite living in an ‘over-sized’ house two-fifths (40 per cent) say that they will not consider moving to a smaller property as they have built strong ties with the community that they live in.
Nearly a third (32 per cent) say that they are ‘financially comfortable’ so have no pressing reason to downsize and almost one in three (29 per cent) say that moving would be too much of a hassle.
Looking after grandchildren is also a major reason for Empty Nesters not wanting to move as over one in four (28 per cent) say they need the extra space to look after them. They are also reluctant to leave a home full of memories (20 per cent).