A third of over-50s (31%, two million people) look set to use the equity in their home to help supplement their retirement income in the future, up from 1.5 million people in 2010 - dubbing them the HIPpies generation ('Home is Pension').

The report by LV= shows that 36% of over-50s still working say they will need to delay their retirement for financial reasons, and 16% say they would rather not think about their retirement finances at all.

The volatility in stock markets in recent months has had a considerable impact on investments and retirement savings. In fact the research shows that nearly half (45%) of those approaching retirement are considering alternative sources of income for their retirement in light of stock market falls. Only a fifth of over-50s (21%) believe that they are financially on track to retire as planned.

Over a third (35%) of home owners over 50 estimate that the value of their home has fallen in the last three years by an average of £24,651, totaling £56 billion. Despite this, an increasing number are planning use the equity in their home as part of funding their retirement – two million over-50s in 2011 (31%), compared to 1.5 million in 2010 (23%). A further 13% said they will take advice on releasing the equity in their property as they approach retirement.

When considering how they would access the equity locked up in their home, over half (52%) said they would downsize to a smaller home, while a fifth (20%) would move to a less expensive area. A fifth (19%) said they would use an equity release product.