More over-50s travelling the world than ever before, thanks to equity release
Consider yourself a bit of a world traveller? Chances are you may be over 50, new research suggests.
From exotic cruises to exploring the Silk Road in Uzbekistan, older people in the UK are travelling more than ever before.
Indeed, people over 50 are spending more on holidays, while younger people are travelling less, according to a study by the CEBR consultancy for Saga.
As a result, the older generation is now responsible for well over half the UK's total spending on holidays – last year, that was £39bn, including £2.8bn on cruises.
To help fund their globetrotting ways, more and more retirees are taking advantage of equity release.
Director of Equity Release at Goldsmith Williams, Richard Espley, comments:
“Many people think that equity release is just a useful strategy for paying off debts like the mortgage while remaining in your home, when in actual fact, older people are now increasingly using it to tick off travel destinations on their bucket lists.
“Older homeowners with properties that are now worth more than when purchased can release property equity and use that money to travel the world or go on that dream cruise, while still having a home to return to.
“We expect this trend to only increase, as travel becomes even more commonplace for older generations.”
Content correct at time of publication.