Article date: 2 July 2004
It’s official – Brits are a nation of hoarders whocan’t quite cut their ties with their parents’ homes.New research from Norwich Union equity release conducted by MORIshows:
- About 1.5 million (16%) 21-55 year olds whose parents live inthe family home say they still have a bedroom there that is thesame as when they grew up - despite having moved out.
- 8 million (37%) 21-55 year olds who have moved away from theirfamily home say they still have childhood belongings at theirparents’ house.
And this is not just a phenomenon that affects those20-somethings who have recently left home:
- About 2 million (27%) homeowners aged 35-55 still store theirbelongings (eg: books, toys, school books, records) at theirparents’ home.
However, the extent of our hoarding may be worse than we care toadmit. The research also reveals that over half (54%) of parentsover 55 say that their children still store some of theirbelongings at their house.
Mark Kelly, director of Norwich Union equity release, said: "Theresearch shows that we still place great importance in childhoodmemories and the family home. Even long after we have left thefamily nest, it’s clear that we still have strong connectionsto our parents’ home; having our own bedroom or storingpersonal possessions there is almost our way of saying ‘I canstill call this home’.
"While we are nostalgic about our childhood possessions, wedon’t love them enough to keep them in our own homes, and arehappy to let our parents clutter up their houses with them instead.It’s proof that we never really stop relying on our parentsfor something."
With house prices in the UK at record levels, older people whoare living longer and wanting to enjoy a more fulfilling retirementmay be looking to their houses as a potential source of income.
Mark Kelly added: "There is much talk about the advantages ofdownsizing to a smaller house as a way of releasing this capital,but our research shows that parents and children attach greatimportance to the family home, so moving on may not be the solutionfor everyone. An equity release plan could help homeowners toaccess the capital locked in their property while allowing them toremain in their own home."
Press office contacts:
David Gwyer 01904 452828 Outof hours 07800 699508
James Evans 01904 452791 Out of hours 07790 487105
Rob Pell 01904 452659 Out of hours 07968 934091
Louise Soulsby 01904 452617 Out of hours 07810 057262
Notes to Editors
Research conducted by MORI, 11 – 25 March 2004. 300 peopleaged 21-55 with parents and 300 people aged over 55 with childrensurveyed in face-to-face interviews. The population figures usedare based on a GB 16+ population of 45.2million people:
*21 to 55 year olds with parents – c.24 millionpeople
35 to 55 year olds with parents: c.12million people
- Number of 21 to 55 year olds who have moved out of parentshome = 21 million
- 41% of 21 million say they still have a bedroom at theirparents = 8.6 million
- 37% of 21 million say they still have belongings at theirparents = 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.11.5million
- 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 havebelongings at home = c.2.5 million
- 16% of 9.9 million of people who still have a bedroom at theirparents say that is exactly the same as when they left home = 1.6million
Minimum property values apply.
Norwich Union’s equity release plans are lifetimemortgages secured on your home. CHECK THAT THIS MORTGAGE WILL MEETYOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOURFAMILY TO INHERIT IT. IF YOU ARE IN DOUBT, SEEK INDEPENDENTADVICE.
- Norwich Union is the UK's largest insurer. It is the UK'slargest provider of life, pensions and investment products and oneof the leading IFA providers. IFAs provide around 75% of thecompany's long-term savings business in the UK.
- Norwich Union has strategic alliances with building societiesand other leading UK brand names including Tesco Personal Financeand The Royal Bank of Scotland Group.
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- Norwich Union Equity Release Limited No 3286484. Registered at2 Rougier Street, York, YO90 1UU