It’s official – Brits are a nation of hoarders who can’t quite cut their ties with their parents’ homes.
It’s official – Brits are a nation of hoarders who can’t quite cut their ties with their parents’ homes. New research from Norwich Union equity release conducted by MORI shows:
- About 1.5 million (16%) 21-55 year olds whose parents live in the family home say they still have a bedroom there that is the same as when they grew up - despite having moved out.
- 8 million (37%) 21-55 year olds who have moved away from their family home say they still have childhood belongings at their parents’ house.
And this is not just a phenomenon that affects those 20-somethings who have recently left home:
- About 2 million (27%) homeowners aged 35-55 still store their belongings (eg: books, toys, school books, records) at their parents’ home.
However, the extent of our hoarding may be worse than we care to admit. The research also reveals that over half (54%) of parents over 55 say that their children still store some of their belongings at their house.
Mark Kelly, director of Norwich Union equity release, said: "The research shows that we still place great importance in childhood memories and the family home. Even long after we have left the family nest, it’s clear that we still have strong connections to our parents’ home; having our own bedroom or storing personal possessions there is almost our way of saying ‘I can still call this home’.
"While we are nostalgic about our childhood possessions, we don’t love them enough to keep them in our own homes, and are happy to let our parents clutter up their houses with them instead. It’s proof that we never really stop relying on our parents for something."
With house prices in the UK at record levels, older people who are living longer and wanting to enjoy a more fulfilling retirement may be looking to their houses as a potential source of income.
Mark Kelly added: "There is much talk about the advantages of downsizing to a smaller house as a way of releasing this capital, but our research shows that parents and children attach great importance to the family home, so moving on may not be the solution for everyone. An equity release plan could help homeowners to access the capital locked in their property while allowing them to remain in their own home."
-ends-
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Notes to Editors
Research conducted by MORI, 11 – 25 March 2004. 300 people aged 21-55 with parents and 300 people aged over 55 with children surveyed in face-to-face interviews. The population figures used are based on a GB 16+ population of 45.2million people:
*21 to 55 year olds with parents – c.24 million people
35 to 55 year olds with parents: c.12 million people
- Number of 21 to 55 year olds who have moved out of parents home = 21 million
- 41% of 21 million say they still have a bedroom at their parents = 8.6 million
- 37% of 21 million say they still have belongings at their parents = 7.8 million
- 41% say their parents still live in the same family home = c.8.5 million
- 99% of 35-55 year olds have moved out of parents = c.11.5 million
- 39% of 35-55s who no longer live at home (c.11.5 million) still have a bedroom at their parents house = c.4.5 million
- 29% of 35-55s who no longer live at home (c.11.5 million) still have belongings at their parents house = c.3.3 million
- 27% of over 35-55 year olds that are homeowners have belongings at home = c.2.5 million
- 16% of 9.9 million of people who still have a bedroom at their parents say that is exactly the same as when they left home = 1.6 million
Minimum property values apply.
Norwich Union’s equity release plans are lifetime mortgages secured on your home. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN DOUBT, SEEK INDEPENDENT ADVICE.
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