Many older homeowners are feeling lost when it comes to their finances, according to a new study. The Equity Release Council (ERC) found that a third of homeowners over 55 are confused about their options for later life.
The good news is that many people are turning to online resources for help. The ERC study found that almost 4 in 10 over 55s rely on comparison websites for information on financial products. This makes them one of the most popular sources of information, even more popular than talking to a bank or building society.
Jim Boyd, the CEO of the ERC, said: “Over-55 homeowners see consumer websites as their first port of call when researching financial information… they are still likely to rely on the human touch citing their bank or building society and their financial adviser as popular sources of information.”
Women Feel More Confused
The study also found that women are more likely to be confused about their financial options than men. Almost 4 in 10 women over 55 said they were confused about mortgages, compared to just under 3 in 10 men. Women also felt less confident about their retirement finances than men.
The Importance of Advice
Mr Boyd stressed the importance of getting expert advice. “The real value of financial advice is helping customers make sense of all their options,” he said. He also highlighted the need for the industry to make later life financial options easier to find online, so that people can get the information they need to make informed decisions.
Key Facts:
- 33% of homeowners over 55 are confused about their later life options.
- 36% of over 55s use comparison websites to research financial products.
- 37% of women over 55 are confused about mortgages, compared to 28% of men.
- 50% of women over 55 are confident about their retirement finances, compared to 60% of men.