Boomers’ average nest egg worth £280,000
Dreaming of a mortgage free life and wouldn’t mind sitting on a £280,000 property nest egg? Well that's the reality for the majority of today's baby boomers.
New research from SunLife shows the average over 55 year old has lived in the same property for more than 20 years, during which time house prices have shot up by over 300 percent!
While property now accounts for over a third of UK households’ net wealth one in five asset-rich, cash poor baby boomers consider they are struggling financially and blame the rising cost of living and poor interest rates for feeling “worse off”.
Four in 10 over-55s are still giving financial support to their children or grandchildren, with a fifth admitting their kids need more help with money than they’d planned for.
With this in mind, it’s hardly surprising that eight in 10 homeowners are now prepared to either use equity release or downsize to get hold of some of the cash locked in their property.