Key Retirement Solutions have recently completed an analysis on the equity release market, looking at the region, property value and age for usage trends.
As much as 16 per cent of the North and London give some of their cash they received through equity release to their families.
Those in the North are also likely to spend their cash on improving their homes, with the North West and Yorkshire & Humberside following close behind. The North also like to treat themselves with as much as 58 per cent using the money to go on holiday.
Northern Ireland likes to focus on paying its debt with 68 per cent doing so while only 18 per cent decide to go on holiday with the cash.
In terms of property value, those owning homes with less then ?200,000 tend to focus on home improvement (63 per cent) then repaying debt (57 per cent).
People whose homes were worth around ?200,000 were more likely to spend their cash on a holiday (40 per cent) while those with homes valued at ?750,000 or more tended to give cash to their families (25 per cent).
In the age analysis, older people were more likely to give their cash to their families as a gift. Whislt 19 per cent of the 75 years and over demographic spent money on their kin, those aged 55-59 and 60-64 tended to concentrate on paying off debts or mortgages (67 per cent and 69 per cent respectively).
Dean Mirfin, Key Retirement Solutions Business Development Director, said:
“This analysis helps to further ensure that product design and advice continues to fulfil the needs of those looking to release equity from their homes and to cater for needs over time.
“The figures continue to show, that for the many thousands in or approaching retirement, the need and desire to release equity is targeted at those outcomes which will have a dramatic, positive, effect on their standard of living.”
