Government must work with financial services to ensure housing equity can be released "without excessive charges or risk" and improve consumer confidence, a House of Lords committee has urged.
The committee said people should be encouraged to use assets such as housing wealth to support retirement incomes and pay for care. This is one of the key findings from the committee's report which warns the government is "woefully" unprepared for the impact of increasing life expectancy on UK society, retirement incomes and public services. According to the committee's projections, there will be 51% more people aged 65 in England in 2030 compared to 2010, with 101% more people aged 85 and over. However, 10.7 million people in Great Britain can expect inadequate retirement incomes....
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