Over 55s are increasingly turning to equity release to help fund their later life as almost half of them worry about running out of money before they die, according to a new study.
Research from SunLife has found one in five over 55s feel worse off than they expected to be, while four in 10 worry if they have enough money in their pension to cover their retirement.
Dean Lamble, chief executive at SunLife, said: "We know people over-55 want a cash fund for many reasons – whether to pay for home improvements, pay off a mortgage or just have more money to live on each month.
"Our research shows 90 per cent of younger people don't think their parents are 'spending too much of their inheritance' and that only one in five is relying on an inheritance.
"So, it is perhaps not surprising that our research shows that less than half of people over 55 are planning on leaving their house as an inheritance.
"Instead they are realising the potential of an asset that has risen in value markedly over the years by turning to equity release."
SunLife's research found that while the average pension pot of someone aged 55 is around £105,496, they have around £280,000 of equity in their homes.
With property wealth among the over-55s estimated at around £4 trillion, they are increasingly turning to equity release to bridge the gap, with someone in the UK releasing equity every 15 minutes.
The average sum arranged is more than £101,000, which is almost identical in size to the average pension pot.