Economic woes forcing equity release ?
Are the current economic conditions forcing pensioners into equity release ?
Pensioners have been particularly hard hit by the double whammy of low interest on savings coupled with high and rising costs for basic necessities such as food, electricity, heating and the reduction is budget for care needs. This is backed up be research from Prudential, which finds that the cost of living is rising almost 50% faster for pensioners than the current rate of inflation.
The average pensioner apparently has around £20,000.00 of savings but need this for simple day to day living costs.