High cost of living forces one in six over-50s to cash in on homes
One in six of the UK’s over-50s are so impacted by the cost-of-living crisis they will need to either sell or release equity from their homes to give them more cash to live on.
These findings come from the LiveMore Barometer, a detailed indicator of the financial priorities of the UK’s 50-90+ year-olds.
The survey found that nearly half of them will be impacted “a lot” this year by the financial crisis. Raising more cash to live on by downsizing or releasing equity was the top financial priority for 15 per cent of respondents. But amongst the 80-89 age bracket, this goes up to 27 per cent.
The findings also showed that the majority blame the Government for their predicament, with half of them saying they feel “very negative” about the state of the economy. Almost three quarters said they are not getting enough financial support from Whitehall.
Within the regions, the North East, Northern Ireland and Scotland saw the 50-90 year-olds with the highest levels of dissatisfaction at the Government’s financial help.
LiveMore’s chief executive officer Leon Diamond said: “People aged 50 to 90+ are often portrayed as being financially comfortable but the LiveMore Barometer reveals that the truth is far more complex – not just across the different age ranges but geographically too.
“The reality is that our survey shows because of the cost-of-living crisis, many aged 50-90+ will have to make major financial decisions this year about what is often their greatest financial asset, their homes.
“We are conditioned to avoid debt in older age, a concern which is exacerbated by high street banks making it difficult for older people to borrow.
“It is imperative that those seeking to release or generate extra cash get the right financial advice. There are flexible and affordable lending options for 50-90+ year-olds. For example, LiveMore’s oldest borrower is 92.”