South Africans can finally use an equity release product - SF HELP - to maintain or enhance their lifestyle in retirement. Here is some feedback about SF HELP, or the related need for such products in South Africa, as a result of informal market research conducted by Seniors' Finance.

From a sample of around 180 retirees in the Western Cape and Gauteng, the following trends emerged:

64% of respondents told us that they were worried about the cost of medical aid and healthcare into the future. SF HELP could help meet these costs.

Around 29% of respondents told us that they do not have enough money to meet their day-to-day needs. This is very sad and can't make retirement a happy time of life. If SF HELP can assist in making retirement a rich and fulfilling time, this will be a good thing.

97% of respondents told us that they had paid off, or almost paid off their homes, except where respondents did not live in their own homes. However, 73% of respondents also told us that they wish they had saved more money while they were working. Why is it that such a high proportion of retirees seem to have significant assets in the form of their homes, yet they seem to be suggesting that they need more money? They are potentially sitting on and not using their homes, their most significant asset! SF HELP could change this.

Would you believe that 39% of respondents told us that they would rather be working than be retired, 35% of respondents also told us that retirement is a stressful time for them. We hope that SF HELP will assist in allowing senior citizens to really enjoy their retirement years.

Interestingly, 92% of respondents told us that they plan to live life to the full, and that leaving an inheritance is not their main priority. While we do not advocate disregarding potential heirs or beneficiaries, we also don't think that retirees should continue to make extreme sacrifices, especially later in life. We'd like to see our clients realise as many of their dreams as possible, using SF HELP.