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Most older homeowners — 70% of Key’s 1,000 — don’t plan on layoffs.
And while 29% of survey participants say they plan to lay off staff within the next five years, the equity firm found that only 13% of those over 75 went for it and did it.
When asked why they didn’t want to shrink, 31% said they wouldn’t be happy with a smaller home, and 25% said they already live in their “eternal home.”
Meanwhile, 23% expressed no desire to leave their community, 22% found the move “exhausting”, and 16% said that considering the costs, it would not be financially beneficial.
The study also found that as people get older, attachment to their home increases, as well as the confidence that “I know how things work,” although “happiness from good memories” fades with age.
Of those looking to downsize, 43% think it will be easier to take care of a small property, 38% think it will be cheaper, and 27% want more money for retirement.
And it should be especially noted that 17% consider rising cost of living as the driving force behind this consideration, and 5% – debt repayment.
Only 8% plan to lay off employees to raise money to help their families.
Key Executive Will Hale comments: “As people age, downsizing is often offered as an opportunity to free up some of the value associated with their homes and find properties that are more in line with their age.
“However, this study shows that as people age, their home, as well as the community they live in, instills confidence, confidence and security in them, and economic necessity is a major factor in any potential move.”
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