As the population starts living longer, more and more people are reviewing their later life plans, including financial planning, and unlocking the income from their homes, amongst other things.
Canada Life conducted a survey last year which showed that more and more people want to increase their income by either taking out equity release on their homes, or downsizing.
As it turns out, single women are twice as likely as single men to consider a lifetime mortgage, and accounted for more than 25% of lifetime mortgage business in the first half of 2019.
There's also an increase in single women taking more financial advice and tax planning than before, with a view to safeguarding their hard earned cash and pensions.
Tax planning, backed by a bespoke Will and Power of Attorney, is something our team are experts in, so please feel free to contact anyone of us to discuss further.
“The equity release market is seeing rising business from single people and our specialist advisers helped nearly double the number of single women as single men in the first half of 2019. “Generally, we see single men and women releasing about the same amount of equity at about the same age – most commonly from 65-74 – from homes that are similar value albeit lower than for properties owned by couples. “We believe single women are going to be an increasingly important demographic for advisers as growing numbers seek to supplement their pension income and think about estate planning and helping children via ‘pre-inheritance’. “Male life expectancy has been increasing but women continue to live longer so it is more important that they consider insuring against outliving their pension assets. “With more years to fund and smaller pensions on average, it is arguably more important that single women make robust financial plans and take professional advice, including, where appropriate, how to access the value locked-up in their property that could be released to help them achieve a better later life.”