As we continue to live longer, property will play an integral role in funding the lifestyles of older homeowners, the Equity Release Council has said.
This follows an ONS report ‘Living longer and old-age dependency- what does the future hold?’ which suggested that by 2050, one in four people in the UK will be aged 65 years or over.
Jim Boyd, chief executuive of the Equity Release Council, said: “As the UK’s ageing population is growing and living longer, attitudes towards property and financial planning are evolving across the UK.
“Over half of older homeowners are now factoring bricks and mortar into their later life plans.
“Many retirees are tapping into their wealth in their homes to supplement inadequate retirement incomes.
“While others are looking for ways to give an earlier ‘living’ inheritance to help family members pursue their own financial goals during their lifetime, ranging from supporting education to getting a foot on the housing ladder.
“Property has an integral role to play, which is why cross-party efforts – such as a later life commission – are needed, as well as public guidance services to help people consider the potential uses of property wealth to support themselves and their families.
“Addressing the needs of all generations is one of the greatest challenges the UK will need to tackle both now and in the years to come.”