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Pensioners need to make money work for them
30 June 2008 12:00
Many of Britain's retirees possess assets and funds worth a substantial amount and yet are failing to utilise them in the best ways possible, according to new figures.
On average, a retired couple own £269,479 of savings and assets, excluding pensions, Prudential's data indicated, while a single pensioner typically has £134,739, yet only one in six of them have sought financial advice on what to do with these resources.
In fact, retired couples hold £134,135 of equity in their homes on average and single pensioners £67,072, while when it comes to cash, stocks and shares, retired couples typically own £95,649 and single pensioners £47,824.
Prudential's Gary Shaughnessy expressed surprise that so few retirees are making use of financial advice and advised that they could substantially increase their incomes by using their money in different ways and utilising other solutions, such as equity release.
This follows calls from both David Sinclair from charity Help the Aged and Saga's Alex Edmans for older Britons to release cash from their homes in this way, although Mr Edmans warned that, with house prices falling, they must do so sooner rather than later.
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