Retirement Housing: From Last Resort To Aspirational Living

• Published date: 11 June 2021
• Subject Matter: Employment and HR, Real Estate and Construction, Retirement, Superannuation & Pensions, Estate Management
• Law Firm: Shakespeare Martineau
• Author: Ms Louise Drew

Research developed by our later living specialists has uncovered a gap between public perception around the retirement housing sector and the reality of what service and provisions are provided. But what's causing this disconnect?

Our report, Retirement Housing White Paper, highlights a lack of understanding about the services offered by retirement housing schemes, and in turn, a growing raft of misconceptions among the public. Although, later living schemes play an essential role in our society, our report notes that people are often unaware of their benefits. Until these are recognised, retirement housing will continue to be seen as a last resort made out of necessity, rather than something to aspire to.

In order to tackle these issues, we must first demystify the sector. Our research sets out to do this, putting a spotlight on the sector's main pain points, as well as actionable solutions and next steps. So, where to start and what needs to be overcome for the sector to strive?

On a quest for clarity

After surveying 2,000 UK adults and 100 representatives from retirement housing providers, we found that one third of the public believe retirement housing schemes are synonymous with 'old people's homes'. Many also thought that only the 'lonely, single older person with health issues' would benefit from these schemes. These common misconceptions are something that the sector must overcome if it is to move forward successfully.

Through our research we discovered that the main hurdles include:

• A lack of awareness - People were unaware of the benefits of retirement housing schemes, such as on-site fitness and leisure facilities and guest rooms, with 78% of the providers surveyed offering additional accommodation for visits.
• Misconceptions about fees - Only 28% of people believed these schemes offered good value for money, naming hidden fees as the number one cause of their wariness.
• Terms such as 'care homes' or 'old people homes' - These terms have negative connotations and are not representative of many retirement housing schemes, yet they are commonly used.
• Ageism in the sector - Much of the sector has historically relied on 'dependency models' to attract new residents. By using labels such as 'older people', this perpetuates the misconception that these schemes are a last resort.

The power of positive communication

Fighting misconceptions head-on is a vital step for the sector. Educating the public and key stakeholders including local councils and...