One in six of the UK’s over-50s say they will need to either sell or release equity from their homes due to the cost-of-living crisis, according to data from LiveMore.
The survey from the later life lender’s Barometer survey of 50- to 90-year-olds adds that nearly half of this group expect to be impacted “a lot” this year by the financial crisis.
It says that raising more cash to live on by downsizing or releasing equity was the top financial priority for 15% of respondents. Among the 80 to 89 age bracket, this rises to 27%.
It adds that the majority of this group blame the government for their situation, with half of them feeling “very negative” about the state of the economy. Almost three-quarters argue they are not getting enough financial support from Whitehall.
The North East, Northern Ireland and Scotland registered 50- to 90-year-olds with the highest levels of dissatisfaction at the level of government help.
LiveMore’s chief executive Leon Diamond says: “People aged 50 to 90-plus 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 to 90-plus 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- to 90-plus-year-olds. For example, LiveMore’s oldest borrower is 92.”
