Attitudes to equity release
We recently undertook a survey alongside the UK Care Guide to understand what attitudes were to equity release, particularly in light if the current coronavirus pandemic.
We asked 5 questions and the results of the survey can be seen below.
The headline findings were:
- 20% of people accessing equity release are doing so to financially help others
- 26% of people looking to access equity release are doing so because either they or their family is no longer in active employment due to the coronavirus
- 54% of people using equity release will give some of the money to others.
- 56% of people will use a search engine to find an adviser to help them choose the best equity release scheme.
- 58% of people will speak to an equity release specialist to understand the advantages and disadvantages of equity release.
What is your main reason for accessing equity release?
Equity release is often accessed by people to help them fund their retirement or pay for their care.
However, it is interesting to see that 20% of people are accessing the money to help others financially. This is likely to be a direct result of the impact coronavirus has had on families.
Has the Coronavirus had an impact on your decision to access equity release?
Linked to the answer in question 1, it is interesting to see the direct impact the coronavirus is having on equity release.
26% of people are looking to access equity release because either they or their family is no longer in active employment due to the coronavirus.
Who will use the money you access from equity release?
This question really highlighted the generosity of British people.
54% of people accessing equity release will be giving some of their money away to others, perhaps demonstrating that people are looking to access the value in their homes to share it with others who may be struggling.
How will you find an adviser to help you find the best equity release scheme?
When it comes to accessing equity release, people recognise that they need help. It is interesting to see that more than half will start the process using an internet search engine.
Who will you discuss the pros and cons of equity release before deciding what to do?
It is great to see that people will be seeking advice from others before they go ahead with equity release. 58% will be speaking to an equity release specialist who can help ensure that they are choosing the right deal for them.
This survey was taken online with site users on UK Care Guide between 1 and 31 May 2020. In total there were 984 respondents.