Over 55’s reveal that later life wealth is about....

New research from leading insurer, Aviva, suggests that when UK homeowners aged 55+ think about “financial freedom” in later life, they think about enjoying the everyday moments, not just the big adventures.

More than seven in ten (72%) say having more financial freedom would mean feeling more secure and less worried about money on a day-to-day basis. Around two thirds (65%) say it would mean being able to say “yes” to simple plans like days out, meals and small treats. A further six in ten (59%) say it would mean being able to make home improvements and keep their home comfortable, while just over half (51%) say it would mean staying connected and spending more time with family.

The survey indicates that many of the over 55s homeowners agree that “cracking on with life” simply means enjoying the smaller things in life.

Holidays still feature for some, with just over half (51%) agreeing they would want to travel if they could free up extra money, however, more say they would prioritise a mix of everyday comforts and small pleasures, over just big journeys or activities (55%).  

The findings also show the potential impact of rising living costs on later life confidence. Nearly six in ten (59%) say rising costs have reduced their confidence in maintaining their desired lifestyle in later life^[1].

When asked about ways they might use money tied up in their home to support their retirement, around one in five (22%) say they would consider downsizing to release funds in later life. A further 13% would consider releasing equity in their home.

Kay Westgarth, Head of Distribution at Aviva Retirement said: “People’s idea of a good later life is often much more grounded than you think. Our research suggests that for many homeowners, feeling secure and being able to enjoy everyday moments can matter just as much as the bigger plans.

“Everyone’s circumstances are different, and it is important to look at the full range of options available. For some homeowners, housing wealth may form part of that conversation, but any decision needs careful thought and regulated financial advice.”

Five ways to have more financial freedom in later life:

1. Start with your budget
List essential outgoings and check what’s changed in the last year (for example - insurance, utilities, council tax, subscriptions). Small reductions can often create more breathing space.

2. Try out your retirement income
If costs have risen faster than your retirement income, review what’s coming in and when (i.e. State Pension, workplace pensions, savings). Consider speaking to a regulated financial adviser if you’re unsure how to draw an income tax efficiently.

3. Check that you’re not overpaying on bills
Many people stay loyal to suppliers for years without re-evaluating prices. Review your energy, broadband, home insurance and car insurance, and look for discounts.

4. Think through housing choices early, not in a hurry
If you consider your home to be a part of your future financial security think about the options you’d be comfortable with, if you ever needed more flexibility i.e. use savings, downsize, or change how you use your home (i.e. renting out a room or sharing with other family members to share the costs).

5. If considering Equity release, take your time and importantly, take advice
Equity release is one option for some homeowners, but it is a long‑term commitment and will affect the value of your estate. Take independent financial advice, compare alternatives, and if appropriate, involve your family in the conversation.

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References

_{Methodology: Research conducted by Censuswide among 2,000 UK homeowners aged 55+ between 27 April to 1 May 2026. Censuswide is a member of the Market Research Society (MRS) and the British Polling Council (BPC), and a signatory of the Global Data Quality Pledge. We adhere to the MRS Code of Conduct and ESOMAR principles.} 

^1. _{Reduced being a combined result ‘Significantly reduced my confidence’ and ‘Somewhat reduced my confidence’. [↑]}

Additional information

Equity release is a way for homeowners aged 55+ to access some of the money tied up in their home, while continuing to live in it. It is not right for everyone and can affect the amount you leave as inheritance, so you should get independent financial advice and consider alternatives.

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