The financial and lifestyle upsides to saying sayonara to your adult kids

It’s usually inevitable your kids are going to grow up and one day move out of home. And, while research shows that women are generally more upset at the prospect of this than men are, the good news is many people report that once they come to terms with it, there are a number of upsides.

These were the findings from The Empty Nesters report (the 14th instalment of The Australian Seniors Series), which revealed the best thing about kids leaving the nest, according to those who’d said goodbye, was parents had the place to themselves and (hooray) there was less cleaning up to do.

Of those surveyed, nearly 75% said they were also loving the extra time they had, while almost 70% said their financial position had changed for the better.

If you’re still getting your head around the situation (maybe you’re one of the four in 10 feeling a bit sad or would’ve loved if your kids stayed at home for longer), we explore the upsides more closely.

The financial benefits

According to the research, 70% of those whose kids had left home said they had more disposable income, with 68% saying they were in a better financial position and 56% saying they felt less guilty when it came to splashing out and spending a bit of money on themselves.

Almost a third also said they had turned their children’s rooms into a space for short-term accommodation (earning an average of $1,632 in the last 12 months), or a place where they could indulge in their own hobbies or interests, which was also helping a number of seniors to make extra cash on the side (specifically $2,584 on average in the last 12 months). This extra money generally came from offering services on a freelance basis or selling collectibles and creations.

The lifestyle benefits

In terms of the lifestyle benefits, about 41% of seniors whose children had left home were finding more time to exercise, with walking, going to the gym and golfing topping the list of people’s favourites, followed by swimming and yoga.

Seniors’ social lives were also peaking, with nearly half of those surveyed saying they were spending more time hanging with mates, eating out and going to the movies.

On top of that, over 90% of empty nesters were travelling more often and for longer periods of time in comparison to when their kids were living at home.

 

Source: AMP

 

 

Discover the benefits of a privately owned Licensee.

DOMINIC BENTLEY

CWP Wealth

“I have been with Capstone for over three years and have found them refreshing to deal with. They help you become the best version of your business. I can wholeheartedly commend Capstone to any planner.”

PAUL BRONSON

Bronson Financial Services

“At a time of industry upheaval, the support of Capstone has been a godsend. Everything they promised they delivered.If you are looking for a new licensee you cannot beat the Capstone service offering."

JASON DUDENAS

Canyon Financial Planning

“Capstone Financial Planning should be at the top of your list for a Licensee. Grant and his amazing team give a down to earth and personalised approach to supporting practices.”

MORGAN COLLINS

Lane Financial

“Capstone have some of the highest quality individuals in their team and it’s a pleasure to benefit from their insight and assistance. We really can’t recommend them enough to anyone considering a licensee.”

HELEN STEVENSON

Strategic Retirement Solutions

“I recommend Capstone to any adviser seeking to 'go out on their own'. They are a fabulous licensee!”

BOB CHEN

Everalls Wealth Management

“With Capstone I can operate my business free from conflict. They have no in-house products, a flexible APL, and an extensive list of SMA solutions. I recommend Capstone highly.”

JEANETTE SCHRAM

Nett Assets

“I can highly recommend Capstone for planners seeking an independent licensee that’s not in your face but provide quality support services. Their service and support is second to none and has allowed us to concentrate on providing our clients with a premium level of service.”

BEN DREW

Paradigm Principle

“Having been with Capstone for a number of years, one thing that really stands out is their willingness to help and can do attitude. These are qualities we really appreciate.”

JOEL BONES

IEC Advisory

“The team at Capstone are all genuinely really good people. They are remarkable with their service culture. They really do care what you think, and they are genuine about our joint success into the longer term.”

BEN MARSHALL

Benchmark Financial Planning

“During times of change, it has been reassuring to be with a licensee that regularly engages with advisers and takes feedback seriously.”

FIND A CAPSTONE ADVISER

PROUDLY ASSOCIATED WITH