Key’s findings also show that the children are very much involved in the advice process with 90% of clients involving the children before they went ahead with a plan.
The figures show an increase in those involving their children from 80% five years ago. The latest findings suggest that along with the increased involvement comes greater support. Not only do many discuss their plans with their children, 1 in 6 also have someone else, usually one or more of their children, present when they consult with an adviser.
Dean Mirfin, Key Retirement Solutions Group Director, said: "The figures reveal that those releasing equity are doing so not only with the knowledge of their children but also with their support to do so. We have seen considerable changes in attitude among the children of those who look to release equity from their homes and we actively encourage their involvement throughout the advice process. The fact that many plans now also offer inheritance guarantees is also providing comfort for those parents who hold this as a priority, making the decision to release equity more agreeable."
Have your say on this story using the comment section below