Family Comes First
Our proudest achievement is our family, said 53% of over 55–year–olds
Months in lockdown has made many of us readdress what’s important to us.
A recent study of UK adults aged 55 and over has found that our family is our proudest achievement in life, with more than half of the people surveyed referencing their loved ones in their response.
The missed time with family members, and in particular with grandchildren, has taken its toll on many and has made us think about what’s important in life. So when asked to reflect on what we have achieved in the years gone by, our family comes out on top, with many respondents giving a special mention to their younger family members.
What do you feel most proud to have achieved in your life?
‘I managed to buy my own home. I have two lovely children and three beautiful grandchildren.’
‘To have three lovely children and two grandchildren. To own my house outright from the age of 40 and to have saved a considerable amount.’
‘Worked in a job I love. Have a long and happy marriage and a nice home. Have 3 children and grandchildren.’
And spending months in our homes did little to wane the pride that we feel for our safe sanctuaries, with 14% of respondents saying owning their own home was their proudest achievement in life. It’s no great surprise that this was the second highest response given that our homes not only provide us with comfort and personal security, but also financial stability during these turbulent times.
The survey of 1,014 over 55–year–olds, carried out by equity release specialist Age Partnership, also identified the significance that families can play in our finances. As more than 40% of the people surveyed said that they get their financial information from their friends and family.
One of Age Partnership’s senior equity release advisers, Andrew Morris, highlights the importance of including family in financial discussions; “In years gone by people were reluctant to talk about their finances with their family as talking about money was deemed taboo in British culture, but thankfully things are starting to change.”
“On the whole, the vast number of clients that I speak to on a daily basis are now happy to talk to their family about their financial situation, in particular about the fact that they are exploring the possibility of releasing equity from their homes.”
“As part of our study we asked the general public, if they were considering equity release, would they discuss it with their friends and family? An overwhelming 61% said yes they would.”
“This is extremely positive, as equity release is a lifelong commitment and can impact on family members later down the line. We always encourage anyone considering equity release to involve their family as early on in the process as possible.”
The equity release broker has also seen a steady increase in the number of people releasing equity from their homes to provide a gift to their loved ones. These gifts are often used to fund deposits for houses, something which is particularly pertinent at the minute with the reduction in stamp duty until March 2021.