Older Britons opt for equity release

A growing number of people in the UK are looking to boost their pension earnings with equity release.

Research by Hodge Lifetime found that one in three independent financial advisers have seen an increase in the number of clients adopting this strategy in the last few months.

Jon King, managing director of the firm, said this is because the recession has had a negative impact on consumers' finances.

"Older homeowners have been some of the worst affected by rising costs of living and reducing returns from savings," he commented.

Mr King said it is "unsurprising" that there has been in an increase in the number of over-50s using equity release to supplement their retirement income.

He added that the fact this strategy has been identified is an "encouraging" trend.

Meanwhile, economic thinktank Ernst and Young Item Club has predicted that the UK economy will begin to recover next spring.

The organisation believes a 3.5 per cent contraction in the economy this year will be followed by a 0.1 per cent decline in 2010.

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