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Friends, family and finances – Insights from LV=

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Friends, family and finances – Insights from LV=

The cost of living continues to pose challenges to personal finances and according to LV’s Wealth and Wellbeing Research Programme, 32% of UK adults stated that they gave money to friends or relatives between January and June 2023.[i]

Retirees in particular are providing support, with 29% choosing to help their friends or family financially.

Although LV’s data shows that retirees are not struggling as much as other age groups, without an income from employment there can be a reliance on pensions and savings to provide both financial stability and comfort for the whole duration of retirement.

Combined with the increasing cost of living, surplus money for retirees to gift to friends and family is less than it was last year. It is important for those who are no longer working to understand the impact of financial gestures on their own retirement funds, reflected in the average amount gifted dropping from £8,400 in 2022 to £7,600 in 2023.

And, with 41% of retirees saying that they would struggle to pay an expected cost of £500 from their retirement income[ii], a lack of disposable cash may lead some to look at other options, such as equity release, to enhance their lifestyle, or see loved ones more financially comfortable.

LV= offers lump sum and drawdown lifetime mortgages to help people achieve their later life financial goals in through unlocking their property wealth.

Their new Lifestyle product range is designed with flexibility in mind, to help your clients make the most of retirement and help them lead the lifestyle they desire.

Lifetime Mortgage Lifestyle features include:

  • Inheritance Protection option
  • 11% ERC-free repayment allowance each year
  • no ERCs after 8 years
  • exclusive to LV=, a Drawdown ERC charging period based on the completion date of the original loan.

T&Cs apply, this is a lifetime mortgage secured against the value of the client’s home.

To find out more about how an LV= Lifetime Mortgage could meet your client’s contact their Equity Release Sales Desk on:

0800 028 8974 (option 1)

equityrelease.sales@lv.com


[i] Wealth and Wellbeing Research Programme – Edition 13. Research conducted via Opinium Research in June 2023 – https://www.lvadviser.com/service/documentlibrary/get/59066a6a-8afb-480a-bd6b-a204f11748b1/wealth-and-wellbeing-research-programme-edition-13.pdf

[ii] Wealth and Wellbeing Research Programme – Edition 14. Research conducted via Opinium Research in September 2023 – https://www.lvadviser.com/service/documentlibrary/get/945be10b-aa36-4507-9d06-09fb7b8f4f4a/wealth-and-wellbeing-research-programme-edition-14.pdf



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