Equity release news: 46% Brits struggling to save
13-02-2012 10:56
New research from HSBC has revealed almost half (46 per cent) the population are struggling to boost their savings in the current tough financial climate.
Equity release may be on option for the 23 per cent of individuals that make up the 'struggling' group and the 23 per cent of 'static savers', who combined represent the "squeezed middle".
According to the 2012 HSBC Savings Map of Britain, people in these categories are unable to save more than they withdraw due to the high cost of living, frozen salaries and a rise in unemployment.
Bruno Genovese, head of savings at HSBC, remarked: "Unfortunately, the high cost of living forced many families in the squeezed middle to dip into their savings pots, leaving them with less than they started with."
Justin Modray, spokesman for candidmoney.com, recently commented how the economic climate is leading to many families struggling to afford basic day-to-day necessities.
Ashall Glover Financial Services are equity release specialists
Posted by Edward Simpson
