The age data for our most recent full year (2016) shows that a majority proportion (69.7%) take out an equity release plan between the ages of 65 and 75. Only 0.7% of those who took out a plan were over the age of 90.
The gender and marital status highlights that equity is mostly released by couples at 64.6%. One interesting statistic from our data is that single females are more than twice as likely to take out an equity release plan as a single male.
Gender spending habits
When it comes to actually spending the cash released from their property, men were found to spend almost 50% more on gifts for their families and friends.
As documented in our December press release Bank of Grandad because Gran is less generous males were found on average to gift nearly £48,000 compared to £32,400 gifted by females.
Men also outspent women in almost every category with the exception of putting the cash towards buying a new home or property.