In a survey of 1,000 homeowners, SunLife asked if they had to choose between staying in their family home but never holidaying away from the UK again, or downsizing and using the cash to go on foreign holidays, more than half (56%) said they were not prepared to give up their family home.
The remaining 44% said they would choose to downsize if it meant they could continue to go on holiday.
And it seems the older we get, the more attached we are to our homes. In the 65-80 age group, 62% said they would never go on holiday abroad again if it meant they could continue to live in their current home compared to 50% of 55 to 64-year olds.
Women are slightly more attached to their homes than men, with 57% saying they’d sacrifice foreign holidays compared to 56% of men.
Another factor that makes a big difference is grandchildren – 58% of those with grandchildren wanted to stay in their family home even if it meant no more foreign holidays, compared to 45% of those without.
Also, when asked ‘if money wasn’t an issue and you could live anywhere in the world, where would you live’ over 55s with grandchildren were the only group where the majority would choose to ‘stay put’ with 52% saying they would stay where they were, compared to just 35% of those without grandkids.
Simon Stanney, equity release director at SunLife said: “Our Home Sentiment research shows that over 55s are emotionally tied to their homes because even when money isn't an issue, many would choose to stay where they are.
“Holidays are hugely important to most people, but if money is tight and it is a case of downsizing to free up cash for foreign holidays or staying put, most over 55s would choose to stay in their home.
“Equity release allows homeowners to stay in their family home and release some of the value of it, which can be spent on anything they like – including holidays.
“Our research reveals that on average, over 55s’ homes have increased in value by £135k, so for those wanting to tap into that increase in value without having to move, equity release could offer a solution.”
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