"Common misperceptions around equity release still exist, and this is clearly something which advisers are experiencing in their conversations with clients."
Advisers believe better education for customers is the number one factor for making equity release more attractive and accessible in 2020.
A survey by Canada Life found that just over two-thirds of those surveyed (67%) chose this option, a 30% increase on last year.
The second biggest factor for the equity release market in 2020 would be better education for professionals (44%), such as solicitors and tax planners, an increase from 35% last year when it was the third most selected option.
In contrast to last year, just 4% of advisers think that they could do with more support to make equity release more attractive and accessible in 2020. In 2018, this was ranked the most important factor, selected by 40% of advisers.
Alice Watson, head of marketing and communications at Canada Life Home Finance, commented: “Greater customer understanding of equity release is something which we have strived for as an industry, but these results suggest there is still more to be done. Previous research we have conducted has shown that common misperceptions around equity release still exist, and this is clearly something which advisers are experiencing in their conversations with clients.
“Although we’ve seen the amount lent using equity release grow to nearly £4bn in 2019, there’s still a lot of potential for attracting new customers. Providing advisers with support will be key to the growth of the market in 2020."