Government, regulators, parliament and the industry need to address the needs of an ageing population, The Equity Release Council has claimed.
An ONS report entitled ‘Living longer: is age 70 the new age 65?’ has found the number of residents in Great Britain aged 65 and over has risen from 5.3 million to 11.9 million.
Looking ahead to the middle of this century, there are projected to be 17.7 million people aged 65 years and over, representing 24.8% of the population.
Jim Boyd, chief executive of the Equity Release Council, said: “In just 30 years’ time one in four people will be aged 65 years and over as Britain continues to age rapidly.
“Government, regulators, parliament and industry need to address the needs of the ageing population as they progress through later life with a broader, joined-up approach to financial planning conversations.
“This must include all resources from pensions and property to investments and other assets.
“Property wealth already accounts for 47p in every £1 of wealth among the older population and will inevitably play an important role to fund longer lives in retirement and take the burden from overstretched savings pots.
“Property, for many retirees’, is their largest single asset and must be part of the retirement planning conversation from an earlier age so they are making decisions as part of a plan that factors in both short and long-term needs. ”