7th June 2005
Parents reward themselves once their kids leave home
Britain's empty nesters have rewarded themselves after years of parenthood by spending £543million1 transforming their homes into hi-tech, fun-filled havens, according to new research from Direct Line Home Insurance.
In the UK in the past two years alone, six in ten new empty nesters shelled out on home improvements, with a further one in five (19 per cent) planning to do so in the near future. This compares to 30 years ago when just 41 per cent2 of Britons modernised their properties immediately after their children moved out.
Fourteen per cent of today's empty nesters also admitted that they would prefer to splash out on renovating their homes rather than setting aside cash for their children's inheritance.
And far from pining after absent children, 45 per cent of those surveyed relish the opportunity to have more privacy and 37 per cent, their homes finally back to themselves.
Bucking the trend to downsize, the Direct Line research highlights that 21st century empty nesters are staying put in the family home and making renovations they could only have dreamed of when their offspring were still at home.
A quarter (23 per cent) have turned former bedrooms into state-of-the-art studies and entertainment rooms, and a further 67 per cent have brought their kitchens and bathrooms into the 21st century with contemporary fixtures and fittings.
One in five empty nesters (22 per cent) has invested in conservatories, extensions, saunas and even wet rooms, while one in 10 (12 per cent) are turning their empty nests into love nests, creating a more romantic and couple friendly environment.
Simon Ziviani, Direct Line spokesperson, comments:
"Today's generation of empty nesters view their new found freedom as a time for fun and their homes as somewhere they can start to enjoy the next phase of their lives, with sentimentality and practicality taking a back seat.
"What they need to take into consideration when adapting their homes post-children are not only their immediate lifestyle needs, but also how investing in saunas, entertainment rooms, kitchens and bathrooms will impact on their level of buildings cover. A quick call to their insurer should establish any policy updates required."
For further information please telephone 0845 246 0355 or buy online at www.directline.com
-ends-
Simon Ziviani
Direct Line Press Office
Tel: 0845 878 2270
Email: simon.ziviani@directline.com
Notes to editor
The research was carried out online between 20th –23rd May 2005. YouGov interviewed a total of 2,160 UK adults aged 18 and above. Results were weighted to be representative of the UK population.
1. Number of Britons aged over 50 whose children have left home and have carried out home improvements in the last two years = 1,210,793. Average amount spent on home improvements = £499. Total amount spent on home improvements in the past two years by those aged over 50 whose children have left home = £543,646,057
2. The research asked people who are currently 50 years and over if their parents had updated their homes once all children had left home.
Direct Line Insurance plc. Authorised and regulated by the Financial Services Authority. Calls may be recorded. Conditions apply.
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