More than 1.5 million people over the age of 50 in the UK are considering or have already skipped meals to cope with the rising cost of living, according to a recent survey.
Conducted by Opinium on behalf of OneFamily, the survey indicates that 7% of the 2,000 over-50 respondents would consider taking this drastic step to manage their monthly outgoings.
The study also found that monthly expenses for this age group have risen by an average of £228 over the past year.
With 55% of respondents expressing concerns about their ability to pay bills, many are exploring various strategies to manage their finances.
These include everyday changes like turning off lights (54%), lowering the heating (54%), and cutting back on food costs (31%).
Furthermore, nearly a quarter (24%) said they have thought about or have already released equity on their homes to free up some cash.
Of those considering a lifetime mortgage, 54% cited the need to enhance their cash flow, particularly at a time when many people’s savings are dwindling.
Additionally, 32% said shifting their mortgage to an equity release scheme could alleviate worries about rising mortgage payments.
Matthew Ellis, sales and marketing director at OneFamily, said: “Many of us are feeling the crunch of the cost-of-living crisis, but it’s incredibly concerning that so many people are being forced to consider skipping meals.
“At OneFamily, we want to make sure everyone has access to financial knowledge and support that can help make their lives better, regardless of their background and financial situation.”
He added: “Lifetime mortgages aren’t right for everyone, but in some circumstances releasing equity can be a good way to help free up some cash which is held within a property.
“An example of this could be moving a mortgage over to equity release to reduce monthly outgoings. Instead of having to make mortgage payments each month, a person could be free from having to make mortgage payments – or alternatively they could pay a smaller amount each month just to cover the interest element if that’s what they want to do.”
