Retirement news

Millions struggling to protect their homes

20 June, 2007

Nearly five million retired homeowners are therefore placing their safety as well as their homes at unnecessary risk, however this is happening is due to a lack of affordability, rather than a lack of realisation.

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A survey has now revealed that over three million pensioners don’t have a security chain on the front door, whilst over two million don’t have any outside lighting and another 1.5 million only have the one lock on their front door. Strapped for cash pensioners cannot afford the £500-£1,00 price tag associated with installing the necessary security measures to ward off burglars.

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Overall, pensioners living in the North are the most security conscious, whilst those living in other areas tend to vary their security measures – e.g. those in the Midlands are the least likely to invest in an alarm but are the most likely to have installed some form of outside lighting.

Mark Neal, managing director of Homewise said: “Many pensioners have limited disposable incomes as a result of growing debts and an inadequate pension provision, so spending several hundred pounds upgrading their home security simply isn’t a viable option. In our experience many pensioners with limited finances struggle to improve their existing homes and have few alternatives, particularly if their home isn’t worth a great deal”

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There are ways for pensioners to generate the necessary capital, equity release being one – although keen homeowners are advised to weigh up all of the pros and cons before they enter into such an agreement.