New report finds that negative perceptions of retirement living are putting the public off rightsizing.
According to a new report from law firm Shakespeare Martineau, there is a common misconception that retirement living is the same as a care home. Clearly, this is not the case and a growing number of later-living developments prove that these establishments are more akin to luxury 5-star hotels.
Nevertheless, the report even suggested that, should more of the UK’s population live in homes better suited to their needs, the nation would need to build a whopping 50,000 fewer homes each year.
Ultimately, if more money and resources were invested into the creation of integrated retirement communities that fulfil the genuine needs of seniors, more large-scale homes would subsequently become available for younger generations. If the negative perceptions could be changed then by moving into these communities would not only be appealing to seniors, but would also ignite a crucial churn in the market, freeing up more homes for families.
The report revealed that, when asked at what age over 50s would rightsize, the average age was 71, which increased alongside the age of the respondent. Factors putting them off retirement living included; not wanting to live in a community of older people (28%), more than a quarter (26%) didn’t feel it would be an affordable option for them, one in four believed they would lose their independence if they moved into a retirement living scheme, almost one in five (19%) felt they’d be more isolated and one in 10 believed their health would deteriorate.