Age Partnership commissions survey into over 55s finances

In the current economic climate, finances are at the forefront of the minds of many. To find out what is important to our clients and to people aged 55 and over from across the UK, we commissioned a study into general finances and attitudes’ to equity release.

As part of the study we surveyed 1,014 UK adults aged 55 and over and 1,084 Age Partnership clients, asking the two groups similar questions so that we could compare and contrast their responses.

The surveys threw up some interesting finds when it came to thinking about what’s important to us and reflecting on the years gone by. Such as, when asked ‘what is your proudest achievement in life?’ an overwhelming 53% of the public agreed that their family is their greatest success.

Family comes out on top when it comes to where we turn for our financial information, with over 40% stating that their first port of call is their loved ones.

And did you know that only 14% of our completed equity release clients worry about their finances. Whilst for 22% of the general public their financial situation does play on their mind.

When asked their thoughts on equity release, staying in the home that they love shone through as the most appealing element of this financial solution. The importance of the home even overtook other key benefits of equity release, such as the money being tax-free and not passing on debt to your estate…

We also asked the both groups to pass on some wisdom to their 30-year-old selves and the top tips included...

• ●64% Don’t worry, be happy and cram as much fun & laughter into your life as you can.
• ●22% Pay off your mortgage as soon as possible and live rent free for the rest of your life.
• ●30% Life gets better with age, confidence grows, persevere with your dreams, take calculated risks and have fun.
• ●30% Prepare for retirement financially but grab any opportunities for fun and to explore the world and to learn about different people and places that come your way.
• ●30% Invest in pension as soon as you start working.

Find out answers to more propping questions from the Age Partnership study here.