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Rachel Mason
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8 min read
We asked 1,010 homeowners aged between 50-80 to complete an online survey.
Our aim was to get an accurate picture of what the over 50s think about equity release.
Read on or download the full report to find out more about what’s important to people over 50 when it comes to their finances – and how equity release could help them.
The Cost of Dying Report is a sector-leading research paper, providing a credible and complete view of funeral costs over time.
How many of us own our own home?
What kind of houses do we own?
The most common house types among the over 50s are:
THREE – The average number of bedrooms per house
On average, people over 50 have lived in their home for 20 years.
What are our homes worth?
Then…
£113,365 – The average amount people paid for their home
…now
£240,681 – The reported average value of their home now
For those who love their home, their top three reasons for wanting to stay put are:
The cost of moving also puts people off – 26% for financial reasons, and 30% because of stress.
£4,417 represents the mean average of the cost of a burial and the cost of a cremation in the UK.
These basic funeral costs include the funeral directors’ fees (£2,687), doctors’ fees (£164), clergy/officiate fees (£169) and the burial or cremation fees:
59% of over 50s say they have enough money for their retirement. But 59% also say they’ll run out of money before they die.
£205,000 – The average amount people said they’d need to live comfortably to the end of their lives.
How people consider getting extra cash in retirement:
We asked people what they’d do if they were given a lump sum of £100,000. The top three answers were:
But when it comes to top priorities, they’d use the lump sum for:
What do people do with their kid’s bedroom once they’ve flown the nest?
35% of people considering equity release say extra income/boosting their income/pension is their top priority.
Among those who’ve already taken out an equity release plan:
The top five reasons people chose to take out equity release were:
34% of people with an equity release plan say DIY/home improvements is their top priority, followed by extra income/boosting their income/pension at 31%.
Among those who said they wouldn’t consider equity release, when it’s explained to them, 15% said they’d now consider it.
We asked people what they think happens when you take out equity release…
With 90% of the over 50s still unsure about how it all works, there’s more we could be doing to let people know the ins-and-outs of equity release.
Especially as a quarter of over 50s also think equity release will leave their children in debt, and over a third think you risk losing your home. Misconceptions such as these could be preventing thousands of people from getting money when they need it most.
Of course, equity release isn’t for everyone. But it’s important that, where possible, people are given the chance to have the retirement they deserve. And equity release could be the solution for many.
Sep 7, 2018
Funeral costs spiral to £4,271 following annual rise of 4.7 but you can hold a funeral for less than half the price
Read the full press release hereOct 9, 2017
Milk float hearses, banana skins coffins and guests in wellies - the trend for less formal, more personal funerals
Read the full press release hereDownload the latest report
At SunLife, we've been tracking funeral costs for 15 years, so we have historical data from 2004 onwards. If you require any past reports, please get in touch with our media contact.
Download the full PDF reportRachel Mason