The impact of the cost-of-living crisis has prompted one in six over-50s to consider either selling their home or releasing equity in order to meet day-to-day costs.
This is according to data from LiveMore which also found as many as half of the 50 to 90 year olds it quizzed would be impacted ‘a lot’ this year by the financial crisis.
What’s more, it found raising more cash to live on by downsizing or releasing equity was the top financial priority for 15% of respondents. Amongst the 80 to 89 age bracket, this increased by 27%.
The majority of those surveyed blamed the government for their predicament, with half of them saying they felt ‘very negative’ about the state of the economy. Almost three quarters said they were not getting enough financial support from Whitehall.
These findings emerged from the latest LiveMore Barometer, a detailed indicator of the financial priorities of the UK’s 50 to 90+ year-olds in which over 2,000 people were surveyed.
Leon Diamond, chief executive of LiveMore 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 to 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 to 90+ year-olds. For example, LiveMore’s oldest borrower is 92.”
