Ros Altmann, Saga Director General, comments on figures that show more people are accessing the equity from their homes : “These are the group that are supposed to have it all according to some pundits, but half of retirees are already struggling to stretch their finances to cover the increasing cost of living so what on earth will this mean for the rest of us!
Many people have no idea what their pension is likely to provide until shortly before retirement, at which point it is often too late. If they have not saved and cannot continue working, they need other sources of finance.
So, it’s no surprise that people are increasingly relying on their house to help fund their retirement. Downsizing and releasing equity from homes is a trend that we predict is likely to continue for many years to come. Historically people would release equity from their homes to help
fund a dream holiday, purchase a new car or perhaps to pay for care support at home. However we have seen interest in equity release double and we believe that as people face inadequate private pension provision, the future could see more need for equity release to help with care, adapting homes to allow people to remain in them for longer and to help fund immediate income needs.
The most important thing is to plan ahead and identify how you will be able to fund the lifestyle you want as you get older.”
For more information please contact the Saga Press Office on 01303 771529