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Younger generation expects to work beyond age 70
New research from Canada Life today reveals that 56% of 18-34-year old’s expect to work until they are at least 70. The research also found that young people’s plans to work for longer are mainly driven by financial considerations. A third (33%) of the 18-34 age group don’t think their pension will be enough to fund their retirement, and as a result they will need to continue working beyond their state pension age. a further 21% are not sure how long their retirement savings will need to last them.
Only 27% of 18-34 year old’s expected to retire before age 70, while 14% didn’t know.
72% of advisers expect equity release market to grow in 2021 17
th December 2020 9:15 am
Almost three-quarters of advisers expect the value of the equity release market to grow next year driven by younger customers and an appetite for larger loans
More than 60% think the market will be back to pre-COVID levels by Q2 2021
70% believe funds from equity release will be used to give money to children and grandchildren
Financial advisers are optimistic about the strength of the equity release market in 2021, new research from Canada Life reveals. Almost three quarters expect the value of the market to grow next year, with a fifth thinking it could increase to more than £6bn in value.
More than 60% of over-55’s are settled in Forever Home 9
th December 2020 1:04 pm
Desire to stay has many considering financial options such as working longer (19%), borrowing money (13%) or releasing equity (11%)
More than six in ten (62%) over 55s are living in their forever homes, according to new research from Canada Life today
1. This can be equated to over 6.2 million households
2, for whom property is becoming an increasingly useful asset to provide income. This desire to stay, along with spiraling care costs and emerging socio-economic factors such as children returning home or older parents moving in, has led some forever homeowners to consider their financial options in order to stay longer in their home.