Aussies still reluctant on equity release
New research has confirmed the degree to which Australians are willing to sell the family home to fund their retirement.
The research, contained in the 2017 MLC Wealth Sentiment Survey, found most Australians don’t plan to or are unwilling to use the family home to fund their retirement, with only 18 per cent indicting their willingness to do so.
The research found that while the average Australian home owner has around $547,000 in equity in the family home, they are simply not that will to use it to underwrite their retirement needs.
However, the same research has shown that the wealth intentions of Australians is changing, with increasing savings having overtaken paying off debt as the main focus of investors over the next 12 months.
The MLC survey found that while more Australians believe they will have enough to retire on (37 per cent), most know they are facing an uphill battle.
It found 50 per cent of Australians believed they would not have enough, with women being less optimistic than men.
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