More than six out of 10, or 67%, of Pure Retirement’s single lifetime applicants were women, up from 64% in 2023, the lender reveals.
Pure Retirement has shared its data to widen understanding of what a single female equity release applicant woman looks like. The study comes ahead of International Women’s Day on 8 March.
It found that 38% of new business among single women in 2024 came from owners of properties valued at between £250,000 and £399,000, with another 15% coming from owners of homes valued at between £400,000 and £549,000.
In addition, 3% of business among female single life applicants came from owners of properties over £1m.
This data compared to 32% of male single applicants being owners of properties valued between £250,000 and £399,000, and 14% coming from owners of homes valued at between £400,000 and £549,000m, while 4% of new single male customers were owners of properties worth over £1m.
Looking at plan preferences and marital status, 55% of single women preferred drawdown plans over lump sum variants, which Pure says has remained unchanged year-on-year.
In contrast, 52% of single male applicants preferred lump sum plans. However, this figure is down from 60% as seen in 2023.
Of Pure’s applicants, 36% of single women were divorced, an increase of 4% from the year prior, while 38% were widowed, a decrease of 6% from 2023.
One in five of single women were unmarried in 2024, up from 18% in 2023.
This compared with 27% of single male applicants being divorced, up from 22% in 2023, 36% being unmarried, a rise of 6% annually and 27% being widowed, 8% lower than the year prior.
In terms of loan usage, single women are more likely than men to use funds for home improvements, 26% compared to 22% respectively.
Data also shows that women are less likely to use released funds for debt and mortgage repayment (22% of women compared to 24% of men).
Women are also less likely than men to release funds for a car purchase but more likely to gift to family friends while holidays remain constant across both genders, at one in ten.
This information comes ahead of International Women’s Day and its 2025 theme of ‘Accelerate Action’.
Pure head of mortgage servicing Suzanne Latimer says: “The latest findings continue to demonstrate the differing demographic trends — and by extension differing needs — between single life male and female customers in the later life lending space.”
“This reinforces the need to not only have a diverse range of products suitable for a wide range of circumstances, but also of the need to have holistic and adaptable customer service throughout the lifetime mortgage journey post-completion to ensure continued best outcomes for consumers, regardless of their personal circumstances.”
