36% of homeowners aged over 40 say they would prioritise home or garden improvements, according to new research from Canada Life.

This was closely followed by topping up day-to-day living, while 24% said they would pay for a holiday of a lifetime.

Supporting family members was a priority for a number of homeowners. 23% of respondents said they would spend their money on helping children or grandchildren onto the property ladder, and 15% said they would help pay for their children or grandchildren’s education.

Achieving financial security was also important for this group of homeowners with 14% saying they would clear an outstanding mortgage and 9% saying they would prioritise paying off any unsecured debts.

To help boost their retirement income to achieve these plans, 41% of homeowners plan to access their savings and investments, while 20% will take a tax-free lump sum from their workplace pension and 17% will continue working into retirement.

A number of homeowners said they would use their property to access extra cash with 14% planning to sell their current property and downsize, and 12% considering releasing equity from their property.

Alice Watson, head of marketing, insurance, Canada Life said: “It’s clear that we all have our unique goals for later life, and our own way of achieving them, whether that be using savings, pension or property wealth. As a result, no one individual’s retirement plan is likely to be the same as someone else’s.

“Property wealth is growing and increasingly being used alongside other assets as part of a more holistic retirement plan. While equity release is a long-term decision that should always be considered carefully with the right advice, it has a valuable role to play in helping today’s homeowners live the retirement they’ve worked long and hard for. Releasing equity not only allows homeowners to unlock the cash in their homes in a safe and flexible way, it can also help to support their lifestyle choices in later life.”