The recession has affected household wealth considerably, new research has found.
According to figures calculated for the BBC, around £31,000 has been knocked off of the average worth of British families.
Falling house prices had the biggest impact, with £422 billion removed from the total value of the housing market.
According to the BBC, Martin Ellis, chief economist at Halifax, said: "We have had the biggest house price fall yet seen in just one year … it is a huge drop to happen in [that period of time]."
People who are approaching retirement are among the hardest hit by the disastrous economy, thanks to dropping in savings rates and a volatile shares market.
For those looking for an alternative to the worry of a pension in order to fund their retirement, equity release could hold the key to relief.
By undertaking an equity release scheme, many may find that they can live their lives to the fullest in retirement and truly enjoy their older years, spending it on anything from a new car to a dream holiday or even an indulgent shopping trip.
By Claire Ford
