Retirees considering taking advantage of financial solutions such as equity release to help ease the strain on their finances in the difficult economic climate may be set to gain additional support.

Housing minister Grant Shapps and communities minister Andrew Stunell called on councils to ensure older people are given more help to enable them to live in their home for longer.

Mr Shapps noted one-fifth of the population will be over the age of 65 by 2020, adding change is needed to maintain the housing requirements this will bring.

He encouraged councils to assess "opportunities under our new deal for older people, which is backed with millions of pounds of government cash, to ensure the elderly in their area get the help they deserve".

Equity release could provide additional assistance to people in this position, as recent research from Aviva indicated retirees' homes are worth more than the national average.