Some over-50s 'lack home repair funds'

By Marianne Straker, Wed 8 Sep 2010 - Published in Home Insurance

More than one-third of the UK's over-50s need to carry out repairs to their home, but some cannot afford it, research has claimed.

A poll carried out by Saga Personal Finance found that 34 per cent of home insurance customers aged over 50 need to perform some maintenance to their properties.

However, the survey also showed that 15 per cent of respondents say they do not have enough money at the moment to complete these repairs.

The research revealed that 16 per cent of the over-50s need to fix their home's roof, 13 per cent have to repair its drainage and guttering systems and eight per cent need to mend their heating.

Andrew Goodsell, executive chairman of Saga Group, commented: "People are living longer which means that retirement incomes have to stretch a lot further to keep up with inflation. Many retirees find they need additional cash, whether it is to make everyday life easier [or] fund house repairs."

Last month, Hudson Green & Associates founder Ian Hudson told Unbiased.co.uk that people should start preparing financially for their retirement when they are young, as this will allow them time to build up a significant amount of money.

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