A policy paper looking at the use of housing wealth in retirement has identified the political and regulatory failings behind the lack of growth in the equity release sector.
The report, written by the lang cat's Tom McPhail and sponsored by Responsible Life and Royal London, called for a cross-sector response to address the failure of the financial system to help the UK's retired population make best use of their housing wealth. Drawing on data from the Office for National Statistics (ONS) and the Pensions and Lifetime Savings Association (PLSA), it estimated the UK's retired population had a £48bn annual shortfall in retirement incomes. The calculated shortfall is based on comparing median household incomes with the PLSA's moderate income targets. The UK...
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