A survey from the equity release provider found that a quarter of people who have equity built up in their property would prefer to spend the money on enhancing the quality of their retirement, regardless of any expectations of an inheritance from younger relatives.

Around one third of people aged between 50 and 54 said they would consider releasing equity from their home to travel around the world. Furthermore, 53% of people in this category said they would discuss withdrawing money from their property with their family, compared to 71% of those aged over 65.

Saga’s figures also suggested that a division between the North and South of England could exist when it comes to retirees’ ability to splash out during retirement. Householders in the South could have access to more money, either to spend or to leave as inheritance, as a result of the average house price being 42% higher in the South compared to the North.