Any growth in household wealth is likely to be slow and difficult to obtain.
That is according to Chris Tapp, director of money education charity Credit Action, who has suggested that budgets will likely remain tight for the time being.
Explaining that wealth levels had dropped because of the "falling values in the stock market", Mr Tapp added: "I think there are more people struggling with debt than there were previously.
"Interest rates are likely to go up again in the next couple of years, so whilst the general economic situation is set to improve for individuals and for families, things are likely to be difficult for some time," he said.
Equity release is one way that a person approaching retirement could help fund the tough times.
It could also be useful for people who want to pay off outstanding debts or even just put some money away for a rainy day.
By Tom Papworth
