Over a tenth (12%) of UK homeowners over the age of 40 would consider releasing equity from their property to supplement retirement income, according to new research published by Canada Life.
The findings revealed the average age that homeowners would consider doing so was 66.
Canada Life’s research, based on a study among 1,020 UK homeowners aged 40 and above, found that a similar amount (12%) of homeowners plan on downsizing their property.
The research also showed that younger homeowners are considering including equity release in their financial planning more than their older counterparts – with 15% of homeowners aged between 40 and 64 thinking about or planning to release equity from their property, compared to just 9% for those aged 65 and over.
Among those not planning to release equity from their property, their main reason for not doing so was driven by wanting their property wealth to go to their family (36%).
Canada Life head of marketing, insurance, Alice Watson, said: “There are many homeowners who are still unaware of the benefits of releasing equity from their properties, or are reluctant to consider it due to misunderstanding the product.
“For many homeowners, equity release can be an effective way to fund retirement, or simply boost income, while allowing them to stay in their forever homes and enjoy the retirement lifestyle they have wished for. As an industry, we must dispel these myths and highlight the valuable role property wealth can play as part of a holistic retirement plan.”
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