"Fewer people are retiring on generous final salary pensions while more people are saving later in life or renting for longer."
Over 55s with higher value pensions are more likely than those with lower value pension pots to release equity from their home as part of their retirement plans (42% compared to 27%).
When thinking about their homes as part of retirement income plans, 35% of over 55s on higher incomes (£50,000 plus) are more likely to consider releasing equity as part of their income plans, compared to 22% of those earning less than £20,000 and 33% of those earning between £20,000 and £50,000.
Alice Watson, head of marketing for insurance at Canada Life, said: “Retirement journeys are becoming more complex. Fewer people are retiring on generous final salary pensions while more people are saving later in life or renting for longer. These demographic changes mean that more people are likely to turn to their property to help them support their retirement aspirations.
“Modern equity release products have the flexibility and accessibility which families and homeowners are looking for in order to enjoy their hard-earned retirements comfortably. However equity release is a lifelong financial decision so it is essential that people seek quality financial advice and talk through their decision with loved ones before agreeing to a product.”