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02.19

More than half of adult children worry about their parents' standard of living during retirement

New research from equity release lender, more2life, has revealed over half (60%) of adult children (30 – 55 years old) are worried about the state of their parents’ finances as they step into retirement.
 
Almost a quarter (22%) of adult children are worried that the state of their parents’ finances would stop them from fully enjoying the retirement they deserve. A further 20% of children are worried that their parents will run out of money altogether during retirement.
 
The Cost of Care
The findings also reveal that that cost of care in later life is a significant source of unease among respondents, with 18% citing their parents’ struggle to fund care as a major concern, while 19% believe that their parents would run into debt in the next five years if one or other required care.
 
As a result, almost a third (32%) of the families surveyed say they would be happy for their parents to downsize to help boost their finances in later life. In addition, one-fifth of adult children said they would be happy for their parents to release equity from their home as a way of alleviating any financial pressures, highlighting the increasing awareness of the benefits of equity release in helping retirees meet their changing needs in retirement.
 
Dave Harris, Chief Executive Officer at more2life, comments:
“More and more we are seeing people retire later and save less towards their pensions, especially when compared to previous generations. However, as our research shows it’s not just those approaching retirement who are concerned about their finances in later life, but also their children.
 
“It’s vital that the over 55s think about their finance options, so they can fund their retirement dreams, while reducing their own financial worry and that of their children. Equity release has become an increasingly popular retirement planning option as more retirees realise the benefits of unlocking the wealth tied up in their home.”
 
-ends-
 
Notes for Editors:
For more information, to arrange an interview, contact:
Hannah Polson, Taneesha Pawar
Rostrum
+44 (0)207 440 8672
E-mail: [email protected]
 
Lee Blackwell
Director of Public Relations and Public Affairs
Key Group
07384511140
E-mail: [email protected]
 
Rachel Mann 
Key Group
01772 508322
E-mail: [email protected]
 
 
Methodology:
1,010 UK adults aged between 30-55 were surveyed in November/December 2018 to ascertain their views of their parents finances and the role they play in discussing the financial circumstances of their family.
 
About more2life
more2life are equity release specialists. They offer plans to help homeowners unlock tax-free cash from their home to boost their finances and improve their quality of life.
 
Due to their extensive knowledge of customer needs, more2life has designed and produced equity release plans with the customer in mind, plans that will enhance customer's lives, releasing cash safely and efficiently. To ensure these values are upheld, the safeguards and guarantees offered by the Equity Release Council Code of Practice are core to a more2life plan.

Taking an equity release plan is one of the major decisions a customer can make and more2life believe that they should have the best possible choice. So, more2life plans are only offered through FCA authorised firms who have suitably qualified advisers. Back to newsroom
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This website is intended for intermediaries only and has not been approved for customer use. more2life Limited. Registered in England No 5390268. Registered Office: Baines House, 4 Midgery Court, Fulwood, Preston PR2 9ZH. more2life is authorised and regulated by the Financial Conduct Authority.