Wider understanding of the equity release message is being picked up through newspaper or magazine articles, said 36% of consumers, with 33% saying they learnt about the subject through an advertisement.

A quarter of people came to understand what equity release is by word-of-mouth, with just 6% saying they last heard about it during a conversation with an adviser.

The survey conducted in December revealed widespread uncertainty about the government’s plans to raise the retirement age by 2020, with 41% unable to say how this would affect them individually.

A fifth of consumers said they would consider releasing equity from their property between the ages of 55 and 64, with a further 10% saying they would consider taking this option in early retirement. A further 13% said they might consider the product after the age of 70.

Claire Barker, chairman of ERSA, said: “That property-rich people continue to plan early retirement, despite the planned rise in the current state retirement age of a year for men and six years for women, taking the earliest age people will be able to claim their state pension to 66 by 2020, means that already tight retirement finances will have to stretch even further. The result may be a gap that could be filled by people releasing equity from their home. Specialist advisers and solicitors will play an important role in helping people to make the right choices on this issue.”

Sponsored

£2.5m paid to help broker clients benefit from greener homes

Sponsored by Halifax Intermediaries