British homeowners could be encouraged to take out an equity release scheme to boost their income after new research claimed European workers are "walking blindly into retirement poverty".
Equity release plans such as lifetime mortgages can provide homeowners with a regular income or lump sum using cash that may be tied up in their property assets.
A recently-published report from Aon Consulting has revealed that European governments and employers are failing to educate people about the long-term value of pensions.
Oliver Rowlands, the firm’s head of retirement in Europe, the Middle East and Africa, said: "A lot of people will simply be walking blindly into retirement poverty unless they take more of an active interest in their pensions.
"Governments and some employers across Europe are looking at ways to reduce their pensions obligations, so it is imperative that people take more responsibility for their own retirement finances."
The equity release calculator provided by Key Retirement Solutions could prove to be a useful tool for homeowners aged over 55 years who are curious about how much cash the value of their property could generate.
Posted by David Hancock
