Research has indicated that people over the age of 65 in Scotland have £41.691 billion of property equity, some £4.58 billion of which was made in the last year.

According to Prudential, the figures for the year commencing March 2006 equate to the value of properties belonging to homeowners over 65 increasing by some £12.54 million on a daily basis.

Living costs for retirees are also seen to be rising, as a study of household outgoings from 2002-06 indicates that homes where the main occupier is aged 65 - 74 have increased around nine per cent, more than the national average of four per cent.

Homes where the primary occupant is aged 75 or over saw a ten per cent rise.

Business director of retirement income at Prudential Ali Crossley commented that retirement is becoming increasingly expensive but homeowners have seen the value of their properties rise in recent years, resulting in more retired homeowners releasing equity from them.

"Retired homeowners have released approximately £302.3 million between May and July this year through equity release plans."

Key Financial Consultants recently advised fiscally secure pensioners to seek monetary guidance from an independent financial adviser rather than other financial media.