Homeowners living in the UK could be tempted to seek equity release advice in order to make financial planning a little easier.
Advice firm Informed Choice has encouraged Britons to gain control of their finances in order to be able to plan ahead.
This could encourage a number of people aged between 55 and 95 years to consult an equity release guide in order to see how the value of their home could boost their finances with a cash injection.
Martin Bamford, chartered financial planner at Informed Choice, said there are a number of factors at play that see people fall into debt.
"Certainly the recent recession hasn't helped families. A lot of people were in a very bad position before the recession hit, so their budgeting for example wasn't particularly good and they tended to over rely on things like debt and put themselves into a very weak position. When the recession hit, it made things a lot worse," he commented.
Mr Bamford also claimed that the situation is unlikely to improve in the short term, saying the only way things will get better is if improved levels of financial education are available.
"We have absolutely had a very two-tier financial crisis in the recession, and it has hit people in different wealth categories differently. So that gap has continued to widen and there are indications it will continue to do so," he added.
The comments follow the publication of a report by insolvency trade body R3, which showed that UK consumers have had to alter their spending habits in order to save money.
According to the research, 51 per cent of consumers are buying fewer non-essential items and 47 per cent are now shopping around for better deals before making a purchase.
Consumers have also increased their use of vouchers, with 38 per cent saying they are using more coupons. A further 37 per cent now buy value brands and 31 per cent conduct online research before buying.
Homeowners aged between 55 and 95 years who are curious about how the value of their property could offer them a tax-free cash lump sum can find out by calling Key Retirement Solutions for equity release advice.
Posted by Alison Stephenson