Lastest trends in over 55 financial planning – and what they mean for you

28 August 2019

What the report reveals

The Equity Release Council [ERC] report combines a mix of the latest data with independent research among 2,503 UK homeowners aged 45+, carried out by Censuswide in May 2019

Key findings include:

  • 51% of homeowners aged 45+ see money invested in property as part of their later-life financial plans, with those aged 45 – 64 most likely to agree.
  • Property wealth and homeownership have become concentrated among older age groups: over-55s now hold 65% of property wealth and make up 51% of owner-occupiers.
  • As national property wealth passes £4 trillion, older households depend the most on this source of finance: making up 40p in every £1 of over-65s’ wealth and 47p among over-75s.
  • Nearly one in four (24%) over-45 homeowners plan to use money invested in property to help family members while they are still alive, while 47% see it as a nest egg’ for unexpected expense.

Barriers to releasing equity from your property

According to the report, the most common barriers that older consumers identify when considering a mortgage, loan or financial product as a route to access property wealth in their lifetimes all relate to practical considerations: 

  • decision-making
  • cost
  • flexibility
  • inheritance plans
  • financial education

Open conversations need to be encouraged among families about challenging subjects such as finance, care and inheritance plans, understanding and outcomes across generations,” states the report. This requires ongoing collaboration between financial, legal and care professionals to make this a reality.”

What we can do now

If you haven’t started having those open conversations” with loved ones about your financial future, now’s the time to start. And if you want expert advice to help you explore all the available options, at a time and a place to suit you, it’s our speciality. And we won’t stop listening until we know you fully understand your options and their implications. So let’s have a conversation! 

With people living longer and better than ever before, increasing numbers are looking to their properties to fund their futures. Our experts at 55+ Equity Release specialise in encouraging you to talk about your financial objectives and dreams, so they can help you identify possible ways to fund them. 

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