Older homeowners seek trust in advisers, ERC study finds

Research conducted by the Equity Release Council (ERC), polling 2,000 older homeowners, found that this was true across all age groups surveyed, including those aged 40-55 and those aged 56 and over. 

Some 43% said it was important for the advice they received to be trusted, transparent, thorough and tailored because it made them feel confident, while 29% felt their needs had been understood. A further 27% said this mattered as it made them feel hopeful, while a quarter were more interested in companies with these values. 

	Men	Women Sponsored How to get your first-time buyer clients mortgage ready Sponsored by Halifax Intermediaries	40-50	51-55	56-65	66-75	75-plus
Trust	1.66	1.62	1.58	1.77	1.66	1.56	1.63
Transparent	2.39	2.3	2.31	2.3	2.25	2.38	2.49
Thorough	2.71	2.74	2.76	2.76	2.91	2.62	2.59
Tailored	3.24	3.33	3.16	3.28	3.28	3.37	3.36

In April 2025, 2,000 homeowners aged 40-plus were asked to rate four attributes, with one being the most important and four the least. This led to the following results, with the lowest number being the most important and the highest the least important. 

Going beyond regulation 

The ERC recently updated its standards and published a new Consumer Charter to further protect consumers beyond regulatory requirements. 

When asked why it was important for a financial organisation to sign up to standards that went further than regulatory requirements, 63% of respondents said they wanted to get as much protection as possible when taking out a product. 

This was truer for the older cohort of respondents, applying to 68% of those aged 56 and over, and 56% of respondents between the ages of 40 and 55. 

Overall, 56% of the people polled said they wanted additional support if anything went wrong; again, this was a greater concern among older homeowners. This was the case for 61% of those aged 56 and over and half of those aged 40-55. 

Some 49% of respondents said they wanted the best possible service when taking out a product, and this also mattered more to older respondents. 

Just 4% of respondents said it did not matter if a firm signed up to voluntary standards that went beyond regulation, as they said regulatory rules should do enough to protect them. A similar 4% said it was less important, as there were already too many rules that complicated things. 

ERC found that younger respondents were slightly less concerned about the additional protections that could be offered through voluntary industry standards than older respondents. 

Michelle Highman, chair of the ERC’s Standards Committee and non-executive director, said: “Customers need to trust their advisers to provide transparent, thorough and tailored support, which is why when we relaunched our standards, we included a Consumer Charter. This consumer-facing document clearly highlights what people can expect from a member of the Equity Release Council and encourages people to expect the most from their advisers. 

“Making decisions about later life finances can seem big and daunting, but with the right advice, people can feel confident and truly understood. While not all older customers are vulnerable, people are more likely to face circumstances or conditions that make them more vulnerable as they age and therefore need additional support, so they see standards, which are designed to protect them, as increasingly important.”

She added: “Indeed, two-thirds of homeowners over the age of 65 said that additional standards mattered as they wanted as much protection as possible, while 61% wanted to know they would get additional support if anything went wrong.

“It is these types of safeguards that will encourage more people to look at all their options in retirement and help to encourage more people to make proactive use of their property wealth as they age.”