Empty nesters enjoying their newfound freedom

Just under half of “empty nesters” in Scotland are not considering downsizing despite their children having flown the nest, research from Bank of Scotland shows.

Figures show 43% of those whose children have left home choose to stay in their family home.

The study also shows parents are making the most of this new chapter in their lives, with 60% enjoying the newly found space and rediscovering their independence.

Nearly half said they were better off financially and more than 36% were able to spend more quality time with their grandchildren.

About 31% were able to travel more and 8% said they could pursue a lifelong dream.

Bank of Scotland mortgage director Graham Blair said: “It’s great to see so many of our empty nesters embracing this change, and making the most of their new-found freedom.

“This shows a generational shift, as this was often perceived to be an upsetting time for parents.”

The research was undertaken on the bank’s behalf by BDRC Continental, which carried out 1,029 interviews.

Although most people said they were enjoying the extra space and freedom, 25% did not like being alone and 16% said their property felt empty.

More than a third (38%) said they were financially comfortable and had no reason to downsize, and 34% said moving would be too much hassle.

Downsizing can earn a windfall of £67,000, the study found, with one of the main drivers being to reduce bills.

GRANDPARENTS: More than 36% said they were able to spend more quality time with their grandchildren.