Why your kids need to leave home
Filed under: Mortgages
However, empty nesters shouldn't be too quick to breathe a sigh of relief, because there's a 44% chance the kids haven't gone further than the end of the road. And a new report reveals that this may not be good for anyone.
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Staying homeResearch by Nationwide Building Society suggests that despite all the talk of living in a shrinking world, we are not keen to move far from our family home - with 44% of us living within 10 miles of where we grew up. And when it looked closer to discover why, not all the reasons seemed entirely healthy.
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Reasons to stayOf course there are some very good reasons for staying put. For many, what prevents a move away is a desire to stay close to their family (51%) and friends (46%). This can be essential. For those with children, often the maths of work and childcare wouldn't work if the grandparents weren't prepared to step in. For others, the pressures of working life could not be stomached if they couldn't pop home for a roast on a Sunday and to get their ironing done. There is a great deal to be gained from a support network - and its influence shouldn't be underestimated.
Likewise, there may be some real plus points to the town where you grew up. Some 18% of people cited confidence in local schools as a reason to stay - with those in the North most likely to be swayed by this (28%). In fact, it's not uncommon for children to go to the same school that their parents attended and in some cases, taught by the same teacher.
Less good reasons to stayHowever, these weren't the biggest reasons for staying put, and for many the reasons for staying close to home are far less logical. Comfort and familiarity with surroundings was respondents' most mentioned reason for staying put (52%), with emphasis on this increasing in the South to 66%.
They are simply too worried to move away - regardless of what the local area offers in terms of quality of life, job prospects and wellbeing. It means that people may end up stuck in a part of the country that is dragging them down. It may indicate why two thirds of them say they would consider moving away.
Good to goFor the 56% who have moved away, more emphasis was placed on logical and practical considerations. The top motivator was moving to take up a job (34%), with more women than men citing work as a reason for moving (43%). Fewer moved to be with their partner (21%) although more women than men moved for love (23%).
The research also highlighted those from higher social grades (ABC1) were more likely to move away from their roots (61%), possibly to follow education or career opportunities, or because of affordability issues, particularly as 67% were based in the South.
So, did a move make people happier?Nationwide's research showed that of those brave enough to have made the leap, four out of five were relatively or very happy with their decision, with those moving to Scotland giving their move the highest happiness rating at 47%.
Perhaps most revealing though is that 79% of those that moved away say they have no intention of ever moving back, while 63% of those that stayed close to home say they would consider moving away.
Tracie Pearce, Nationwide's head of mortgages, comments: "Our research suggests that it's often more emotional issues that keep us tied to our familiar surroundings and affect our decisions about moving home. It shows that for some, home really is where the heart is."
But what do you think? Have you moved away? Would you recommend it? Let us know in the comments.