Women outliving men to result in ‘growth in equity release’ – Just Group

More women live to the age of 100 years old compared to men in the UK, according to new analysis from retirement specialist Just Group, who suggested that life expectancy remains the cornerstone of later-life financial planning.

ONS statistics revealed that of the 57,000 recorded UK women aged 90 in 2008, approximately 3,930 of them reached the age of 100 in 2018, representing 6.9%. There were 890 out of 24,000 men who reached the same milestone, representing 3.7% by comparison.

Just Group also highlighted that there is an 18% increase in the proportion of women in the population compared to men aged 90 (64%), and 100 (82%). The retirement specialist suggested the latest data should affect the thinking for later-life financial planning, and could lead to a growth in equity release.

Just Group communications director, Stephen Lowe, commented: “Longevity in the UK is still nudging higher, so it is crucial that people and their financial advisers bear this in mind when establishing their later-life financial plans.

“On average, women will enter retirement with less savings, and so whether they are in a couple or single, they should think through their options given they are much likelier to live longer than men.

“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.

“Our view is that equity release works best when people have considered their housing wealth as part of their wider pension and retirement planning."

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