Single women 'often using equity release'
28/08/2009
Topic: Already retired, Equity release, Investments, Market conditions, Pensions
A number of single females in the UK could be opting for equity release products, according to new research.
Figures from the Equity Release Solicitors' Alliance show that the number of single people using equity release has increased from 2005 to reach 39% in 2009.
Of these people, 64% are said to be single women.
Meanwhile, figures from the financial firm NS&I earlier this week revealed that women are often more likely than men to know their exact financial positions, with many aware of how much they have in their bank accounts.
Jasmine Birtles, Founder of the financial advice site Moneymagpie.com, believes that women are often very financially savvy when it comes to making cost savings.
However, she added: "You get an awful lot of women who have no pension or a minimal pension, and although laws have changed to tackle this, you will find a lot more old age women in poverty than men."
Written by Liam Tomlinson.
Figures from the Equity Release Solicitors' Alliance show that the number of single people using equity release has increased from 2005 to reach 39% in 2009.
Of these people, 64% are said to be single women.
Meanwhile, figures from the financial firm NS&I earlier this week revealed that women are often more likely than men to know their exact financial positions, with many aware of how much they have in their bank accounts.
Jasmine Birtles, Founder of the financial advice site Moneymagpie.com, believes that women are often very financially savvy when it comes to making cost savings.
However, she added: "You get an awful lot of women who have no pension or a minimal pension, and although laws have changed to tackle this, you will find a lot more old age women in poverty than men."
Written by Liam Tomlinson.
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