Future demand for equity release plans could be stimulated by advances in medical technology, if a wide-ranging new scheme proves successful.
Leeds University has launched a new research initiative, during which £50 million will be spent on developing regenerative devices and medical therapies in order to give people "50 active years after 50".
The project follows the publication of recent research in medical journal The Lancet, which suggested that around half of the babies recently born in developed nations will live to 100 years old or more.
However, this increased longevity is likely to have significant financial implications for national governments.
Increasing demand is likely to be put on the pensions system by an ageing population, which could in turn lead to cutbacks in state support over the long-term.
Therefore, many future pensioners are likely to look for other sources of income, including equity release plans.
"[The initiative] will bring together researchers in engineering, computing, chemistry, physics, biology, dentistry and medicine with practicing clinicians and medics and industrial partners from all over the UK and beyond," the university said in a statement.
Data from the CIA World Factbook suggests that current average UK life expectancy stands at 79.01 years old.
Posted by Tom Papworth
