Their research consisting of 8,000 customers found that men spend 50% more on gifts for families from their property wealth than women.
Retired men are more generous when it comes to turning property wealth into cash, according to an analysis by Key Retirement.
Their research consisting of 8,000 customers found that men spend 50% more on gifts for families from their property wealth than women.
Women were found to outspend men only when using equity release finance towards buying a new property – female customers on average raise £79,200 compared with £72,500 that men will raise towards a new home.
These figures highlight the growth of the equity release market which is predicted to exceed a record £2bn this year.
Dean Mirfin, technical director at Key Retirement, said: “Whilst purchasing and spending habits vary the bigger picture is clear.
“Equity release makes a major difference to life in retirement and provides a significant amount of financial freedom to allow people to prioritise their spending in a way that suits them and their lifestyle.”
From January to October this year around £1.58bn has been released, with pensioners withdrawing £6.8m a day.
