With more women likely to reach aged 100 than men and a gap in pension provision between the genders, more women will supplement their incomes with equity release, Just Group has claimed.
ONS statistics showed women reaching 100 in 2018 had around twice the probability of reaching 100 once they made it to 90 compared to men.
In addition, The Equity Release Council’s latest report predicted further growth in business from single pensioners, with single women taking more than double the number of new equity release plans as men in H1 2019.
Stephen Lowe, communications director at Just Group, said: “Given the gap in pension provision between men and women we foresee more growth in equity release as women seek to supplement their incomes in later life, enabling them to stay in their homes and communities.
“It reinforces the point that everybody heading into retirement – couples as well as singles – needs to think about the ‘what ifs’ of later life and make plans to keep sufficient income flowing for as long as it is likely to be needed.
“Our view is that equity release works best when people have considered their housing wealth as part of their wider pension and retirement planning.”