There’s an expected pattern to our lives that doesn’t always prove to be true. We’re born, we go to school and grow up, we work hard our entire lives, start a family, watch them leave home to start a family of their own, and then we move to a smaller property to enjoy our retirement. Except this often isn’t the case, with adult children leaving home not always prompting a change in our own home ownership. New research from Lloyds Bank has found that almost half of ‘empty nesters’ across the UK have no plans to downsize when their children have ‘flown the nest’. In fact, they found that 45% plan to stay put in their current property when the kids leave home.
Will you downsize when the kids leave home?
This 695 word blog post considers research into ’empty nesters’ and what happens when adult children leave home, including the impact on personal finances and likelihood to downsize to a smaller property.