Family comes out on top for 53% of over 55-year-olds

The time spent in lockdown has made many of us review our priorities in life.

A study of UK adults aged 55 and over found that our family is our proudest achievement in life with 53% of the people surveyed referencing loved ones, and grandchildren in particular, in their response.

In the current economic climate, it may come as no surprise that owning our own home was the second highest response, with 14% of respondents saying that being on the property ladder was their proudest achievement in life.

The study, which was carried out by equity release specialist Age Partnership, surveyed 1014 over 55-year-olds from across the UK. In addition to finding out our greatest achievement in life, the survey also highlighted the significance that families can play in our general finances. As more than 40% of the people surveyed said that they get their financial information from their friends and family.

Andrew Morris, senior equity release adviser at Age Partnership, explains the importance of financial discussions with family; “Attitudes are starting to change when it comes to discussing finance matters. I have certainly seen a shift and most clients that I speak to do now involve their family in discussions about their finances, particularly if they are exploring equity release.

“Interestingly, as part of our survey, one of the questions that we asked the public was, ‘if you were considering equity release, would you discuss it with your friends and family?’  Overwhelmingly 61% said yes they would. It’s really positive that this stat is so high, as equity release is a lifelong commitment and can impact on family members later down the line. As part of our advice process we encourage anyone considering releasing equity to involve their family as early on in the journey as possible.”

Age Partnership has also seen a rise in the number of clients releasing equity in order to provide a gift to their loved ones. The cash gifts are often used to for deposits for first time buyers, something which is particularly relevant at the minute with the reduction in stamp duty until March 2021.

The contents of this article are for reference purposes only and do not constitute financial or legal advice. Independent financial or legal advice should be sought in relation to any specific matter. Articles are published by us without any knowledge or notice of the circumstances in which you or anyone else may use or rely on articles or any copy of the information, guidance or documents obtained from articles. We operate and publish articles without undertaking or accepting any duty of care or responsibility for articles or their contents, services or facilities. You undertake to rely on them entirely at your own risk, and without recourse to us. No assurance of the quality of articles is given or undertaken (whether as to the accuracy, completeness, fitness for any purpose, conformance to any description or sample, or otherwise), or as to the timeliness of the publication.

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