Parents getting to work on empty nest
Nov 20, 2006
Parents are throwing themselves into home improvements in order to cope with their children leaving home, according to new research from insurer Zurich.
More than half (52 per cent) of the parents surveyed say they miss their kids when it's finally time to fly the nest, with a quarter taking up a new hobby to fill their spare time and 42 per cent taking more holidays in order to distract themselves.
With home improvements a popular reason for taking out a personal loan, many parents decide to start work on renovation projects, with 53 per cent deciding to change the decor of their house in order to reflect the change in their family.
Having their child's old room empty allows many parents to get creative with their homes, with 32 per cent of respondents transforming it into a study or hobby room and 30 per cent redecorating the room. The company advised parents who are thinking about carrying out some renovations to make sure they call in professional help for major projects.
Head of personal lines underwriting at the company, Martin Hall, said that it was important for parents to remember to keep their insurance company or broker up-to-speed with any proposed renovations to ensure they were covered.
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