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Now we can spend!

Parents are celebrating their children leaving home by collectively spending pounds 543m on improving their properties, new research said.

Six out of 10 "empty- nesters" said they had carried out home improvements in the past two years while a further 19% planned to do so soon, said Direct Line Home Insurance.

This compared with 41% of people who modernised their property immediately after their children left 30 years ago.

About 14% whose children had recently left home said they would prefer to spend money renovating their home than set it aside for their offspring's inheritance.

Two-thirds of parents had paid for a new kitchen or bathroom to be put in once their children had moved out and 22% had had conservatories, extensions or saunas built.

Just under a quarter of parents had even turned their child's former bedroom into an entertainment room.

Simon Ziviani, of Direct Line, said: "Today's generation of empty-nesters view their new freedom as a time for fun and their homes as somewhere they can start to enjoy the next phase of their lives.
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Publication:Huddersfield Daily Examiner (Huddersfield, England)
Date:Jun 8, 2005
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