Nearly two-thirds (60%) of equity release customers consulted family before going ahead, said Key.

The equity release adviser said that a third decided not to involved their family – 29% chose not to involve family or friends as “it was none of their business” while others avoided the conversation as feared they would be sceptical (4%) or that they may feel guilty as the money was being used to help them (2%).

Of those who did consult their family, just 4% said they were sceptical about their plans.

The study also showed that, over the last 20 years, more than £32.6bn of property wealth has been released from 557,000 customers.

Advice essential

Equity release cannot be taken out without the support of a specialist adviser and 92% of customers said that they felt their adviser described the plan they took out well or very well.

Sponsored

Your Mortgage Awards 2024/25: winners revealed

Sponsored by Your Mortgage Awards

In fact, 42% of customers say they would value continued support from advisers after completing, while 53% said that they didn’t need their adviser to keep in contact as they ‘know they can phone if they needed them’.

Will Hale, CEO at Key, said: “Equity release products are fairly unique in that very few other property-based transactions see advisers actively encouraging clients to discuss their choices with their families.

“However, with £829 million being used for gifting in the last twelve-months alone, it is not entirely unsurprising that almost two out of three people who take out equity release involve them in the decision making process.

“The industry has come a long way over the last 20-years and it is great news that 92% of equity release customers believe that their adviser described the plan they took out well or very well. These are the high standards that we demand of ourselves and we need to keep focused on making improvements going forward.”