Release equity to help pay for children

Posted in Equity Release Video News

28th July 2010

Two-thirds of older people are continuing to support their adult children financially, meaning that some may need to consider equity release plans.

The survey by Avalon found that on average, those still paying for their offspring handed over £2,000 each year, with one in five funding their grown-up children to the tune of £10,000.

The gifts were often to help pay for big expenses, such as house purchases or tuition fees, leading to nearly a quarter (22 per cent) of older people remarking that they were more concerned about their family’s finances than their own.

Nearly half (46 per cent) of those questioned said they would rather spend money on their family than themselves, but more than a third (35 per cent) planned on “growing old disgracefully”.

Whatever the reason, an equity release scheme is an ideal way to release extra cash to make life easier for you or your family.

The views expressed in these videos are those of ReelContent alone. They may not represent the views or opinions of Age Partnership or its staff. RealContent acts in a journalistic capacity and is not authorised to give advice under the Financial Services and Markets Act 2000. The information contained in this video is intended for information and interest only, and not to either provide advice to, or to address the particular requirements of any individual.