According to Livemore’s Barometer, which surveyed around 2,041 people aged between 50 and 89, over half said they would impacted a lot by the cost of living crisis.
Consequently, raising money from releasing equity or downsizing was a top financial priority for 15 per cent of respondents. For 80 to 89-year-olds, this rises to 27 per cent.
More than half of respondents said they felt very negative about the state of the economy and nearly three quarters said there was not adequate support from the government.
From a regional perspective, the North East, Northern Ireland and Scotland had highest levels of dissatisfaction with government support.
Livemore: ‘Flexible options for older borrowers’
LiveMore’s chief executive officer Leon Diamond (pictured) said people aged 50 to 90 plus were often portrayed as “financially comfortable” but the report showed that the “truth is far more complex” across age ranges and regions.
He continued that the reality was that many aged between 50 and 90 plus “will have to make major financial decisions” about their homes.
“We are conditioned to avoid debt in older age, a concern which is exacerbated by high street banks making it difficult for older people to borrow.
“It is imperative that those seeking to release or generate extra cash get the right financial advice. There are flexible and affordable lending options for 50 to 90 plus year-olds. For example, LiveMore’s oldest borrower is 92,” Diamond added.
