New research has revealed that financial planning and retirement aspirations are now driving consumers to choose equity release as an option.
The study showed that 32 per cent of respondents want more from their life as they age, with 28 per cent focused on making financial plans. The study considered the viewpoints of 418 individuals who had opted for equity release, along with 94 people who had decided not to proceed after they had enquired about the available products.
In total, 11 per cent of respondents said their friends and family required their support, while 17 per cent commented that they had always been aware that their savings and pensions would not cover their needs.
Another 11 per cent added that they had considered their possible options after realising that their finances would not offer them the opportunity to enjoy the standard of living that they sought.
However, eight per cent admitted that their choices regarding equity release were driven by a significant life event that effectively derailed their plans for retirement plans, citing illnesses, redundancies and divorces as examples.
Experts in retirement planning in Chester, Shropshire and other parts the UK can help British savers to prepare for when they stop working. After a full assessment of their current financial situation, specialists like wealth managers can draw up a road map made up of investments, protective policies and tax strategies. As a result, they help their clients ensure they have adequate provisions in retirement.
