Women are commonly portrayed as needing more help than men with day-to-day funds during retirement. A key driver of this view is the gender pay gap. In 2021, the difference in hourly pay between all male and female workers in the UK averaged at 15.4%. Unfortunately, this pay gap has also been shown to increase together with age.
However, despite these facts, our team of equity release specialists don't see this as a trend with their customers. In fact, the reasons behind why single women are releasing equity are quite uplifting and empowering.
Lucy Edwards, one of our equity release advisers, has a particular passion about this topic and wants to reassure you of some of that positivity.
We presented some of the figurative facts that are out there to Lucy, and she was shocked to hear how women in retirement are portrayed.
She said: “Everything seemed negative, women were shown to be taking out equity for reasons such as; not having enough funds due to not having saved enough, contributing less to pensions due to the gender pay gap, and they were even being shown as ‘fragile’”.
“These portrayals are the opposite to what I have experienced. Women are using equity release because they want to, because they can. They are strong, independent, and want to maintain that independence.”
The mindsets of women using equity release to achieve their individual goals and thrive later in life are inspiring.
A real-life example of this is one lady that Lucy has helped to fund renovations to a stable block on her land. When asked why she had decided to do this, Lucy was surprised by the simple and honest answer of “because I can”.
Another example of a woman using equity release to thrive in her retirement is a lady who was living in a flat, but who didn't feel comfortable with her neighbours regularly changing due to being surrounded by rental properties. Lucy supported this lady for 3 years until she managed to find her a perfect home in an area that she didn't think she would ever be able to afford. Equity release made this possible for her.
Women should feel confident to make their own financial decisions based not only on their later life needs but their wants as well. At Responsible Equity Release, we hope to continue to see more of these uplifting examples from women in retirement.
If you think equity release could enhance your life, you can use our free equity release calculator at the bottom of this page to discover how much tax-free cash you could release. It's important to know that releasing equity will reduce the value of your estate and may affect your entitlement to means-tested benefits.
To find out more, get in touch with our UK-based Information Team direct on 0800 048 5384. They can provide you with answers to your initial enquiries and guide you to book a no-obligation appointment with one of our fully qualified advisers.
To find out more about Lifetime Mortgages, and the various features available, why not book a no-obligation appointment with one of our fully qualified advisers? The Information Team can help with this on 0800 048 5384.
“Richard Johnson was my Equity Release advisor, who I can genuinely say, did a thoroughly professional job in keeping me informed, raising the pitfalls, as well as the advantages of the various options, and monitoring the paperwork throughout this process. I do not normally write reviews, unless I feel the service was exceptional.”
“I contacted Mr Kevin Williams to help guide us through the ER process, Kevin was extremely helpful, polite and kept us informed at all times. He was very efficient and keen to answer our questions, how nice to deal with somebody that is not ‘pushy’ or ‘aggressive’, I have the greatest respect for Kevin and should anybody read this review then fear not you will be in safe hands.”