According to research from Hodge, which gathered views from 1,240 people between 16 and 80-plus, 84 per cent aged under 50 would need financial support from family to help with the cost of living.
As a result, over a quarter of people aged 50 and over would consider releasing funds against the value of their property and 40 per cent feel comfortable with the idea overall.
In Scotland, this rises to a third of people aged 50-plus who would be happy to raise equity through their home to support a family member.
Comparison across the UK
Andrea Roberts, national account manager at Hodge, said: “It stands to reason that people living in different areas of the UK are going to feel financially challenged in different ways, in accordance with the pressures of the economic climate presented by the individual region in which they happen to live.
“What’s interesting about these findings is it’s not the areas of the UK we might conventionally consider as being the wealthiest where people are most willing to draw on the value of their own assets to benefit those dear to them in a financial sense.
“London property prices mean those living in the capital have more equity in their homes to share, which may not necessarily be the case across Scotland.”
She continued: “This could suggest people across the UK are becoming far more savvy in the way they distribute their wealth generationally, and increasingly flexible in their attitudes towards drawing on the foundations of a family financially in order to provide a better future.”
“This is positive news in the current climate, where it’s becoming abundantly clear from our ongoing research that people living across the UK are going to be asking family members for help financially for some time to come.”
Hodge has recently lowered later life rates three times in as many months towards the end of last year and at the start of this year.
The lender has also enhanced criteria to lower the stress test for pound-for-pound remortgages, increasing income multiples on purchase and remortgage, and a reduction in living costs in light of the changes to the energy price cap.
Roberts said: “Our focus at Hodge has always been to respond to market pressures with the aim of supporting the brokers we work with and their own customers in the moments that matter – and we’re working harder than ever in light of this research to make sure that continues.
“With this in mind, the ability to release equity from homes to help our loved ones out in times of need is proving increasingly useful within the current economic climate, and I can only commend the generosity of the Scottish people in leading the way on this!”
