The Empty Nester Over 50’s
EMPTY nesters at age 50+ are sitting with around £56,574 worth of unused space in their property.
Older Brits are abandoned with 34 square yards of empty property once their kids have flown the nest, according to a new study of 2,000 adults.
With a normal home size of 165.6 square metres and the average house cost coming in at £276,393, this really is just like each square metre being worth £1,669.
It’s also exactly the same as the unused space being the same size as two empty rooms.
But after two decades and seven months of the property going untouched, many seize the chance and transform this space into a personal gym, office or even the craft area they’ve always dreamed of.
The study also demonstrated a third of over 50s are planning to provide money to their own offspring in their later years.
A fifth plan on gifting some of the riches to their grandchildren, while 38 per cent fantasy of spending their cash on holidays to take advantage of their retirement.
However, half of the surveyed said they are worried about their financial potential.
Although The average over 50 has £18,113 sitting in their bank accounts, a third of respondents have less than £7,500 in savings leaving them using a smaller safety net outside of their pension or other resources.
The analysis, conducted through OnePoll, also showed one in 10 are thinking of dipping into their retirement fund early to support their lifestyle, while 15 percent are debating selling a few of their possessions.
Of those who are yet to retire, respondents reckon it will be eight years until they are able to enjoy a relaxing lifestyle and so a fifth are considering retiring later than intended.
Only 12 percent are considering carrying out equity in their home to stabilise their financial future, in comparison with a third who’ve contemplated downsizing.
“One Option for empty nesters to raise equity is to simply sell the family Home and down-size.”