A debt charity is steering over 55s who owe money through equity release as a way to pay back borrowed money.
In the last 12 months, the Consumer Credit Counselling Service (CCCS) equity release advice service helped debtors unlock an average of £29,983 from their homes to pay down borrowings and meet other costs.
Over 55s contacting CCCS for help owed an average of £29,772 on credit cards, personal loans and other unsecured debts, like car loans and store cards.
The charity reports increasing numbers of older clients see equity release as a way of clearing what they owe.
CCCS Equity Release manager Tom Moloney said: “Many clients are rightly cautious when considering equity release, but with the right advice and guidance this is an attractive solution for some – especially for those who wish to resolve their debt problems without moving home.”
Meanwhile, many green-fingered over 55s are turning to growing their own food in a bid to keep spending down.
HSBC Bank research shows many people are turning to gardening to provide cheaper and organic alternative to supermarket produce.
One in three have fruit trees or bushes in their garden, over a quarter have a vegetable patch and a fifth have a herb garden.
Around 3% of Britons keep livestock in their garden – mainly chickens.
The growing your own trend peaks between the ages of 55 and 64. About 40% of this age group use their garden for growing fruit and vegetables compared to just 16% of people aged under 25.
Vegetable patches (31%) and herb gardens (28%) are also popular among the 55-64 year old age group.
“With the rising cost of living, many families are seeing their disposable income being squeezed and are seeking alternative meaning of saving money,” said Bruno Genovese, HSBC head of savings.
“There is a modern focus on organic food, which coupled with the climate of austerity means that growing your own has become increasingly popular. It is no surprise then that items associated with self sufficiency such as fruit trees and vegetable patches also rate highly on the list of features Britons want in their ideal garden.”
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