Over half of over-50s are planning to use funds raised from equity release schemes to finance home improvements, a new survey has revealed.

Saga found that millions of older people are reluctant to move home as they do not wish to leave their friends and garden, so many are instead opting to stay and modernise their current property.

More than 3.7 million over-50s are planning significant alterations to their home over the next 12 months and they are planning to fund the projects by unlocking an average of £10,000 from the value of their property.

The most popular alterations are to the bathroom and kitchen, while many are also looking to increase the size of their property with a loft conversion or an extension.

Over-50s also plan to use equity release to clear debts, buy a new car and take holidays.

Roger Ramsden, chief executive of Saga Services, said: "While releasing equity from the home isn't for everyone, it can help people make improvements so they can stay in their home as they get older.

"This is evident from the one in ten over-50s who are adapting their home to suit their needs as they get older."