Ageing population 'could increase demand for home income plans'

New figures suggesting a significant rise in the number of elderly people over the coming years could mean that home income plans will be in high demand as people look to fund their retirement.

There will be more than 300,000 centenarians in the UK by 2059, according to research from Saga.

That figure is said to represent a 26-fold increase from the current population.

According to the study, older people are increasingly keeping their minds and bodies active, with six in ten over-50s having tried brain-training computer games and three-quarters saying they are more concerned about being healthy than they have ever been.

"Healthy life expectancy is keeping pace with increases in overall lifespan, which means that infirmity in old age arrives later and occupies an ever smaller portion of life after age 50," said Emma Soames, Saga Magazine's editor-at-large.

Andrea Rozario, director general at Safe Home Income Plans, recently suggested it would be "ridiculous" if people did not even consider equity release as an option in their post-retirement financial planning.

Ashall Glover Financial Services home income plan advisers