Financial hardship amongst retirees can be alleviated by Equity Release
Research from a leading insurer has found that millions of pensioners are being forced to ‘go without’ due to financial hardship. The research shows that over a third of over 65s are living on an income below the minimum wage and of these one in 25 struggles to pay their utility bills. 5% cannot afford to buy birthday and Christmas gifts and 15% can’t afford to replace household goods.
Separate research has shown another aspect of pensioner’s financial woes with reports that one in seven people in their 70’s are faced with having to use their weekly pension to pay off their mortgage and on average they have £40,000 left to pay.
Richard Espley Head of Equity Release comments:
“Millions of retired people are struggling to live from day to day and having to do without essentials such as heating and lighting to get by. To add to their problems a significant number of them still have a mortgage to pay and their already stretched income is further drained by these repayments.
“The numbers of pensioners who have chosen to release property equity as a proportion of the pensioner population are currently very small. Yet Equity Release can give pensioners the opportunity to enjoy a more comfortable standard of living and give them the means to afford life’s essentials.”
Content correct at time of publication