While over-45s are less concerned about equity release in general, there are significant differences around their perceptions between men and women, research from Standard Life Home Finance has revealed.
The second edition of its ‘Lightbulb Moments’ report found that men (58%) were more comfortable than women (43%) taking about equity release.
Consumer concerns were lower this year, with 32% of respondents having no concern about accessing their housing equity in 2023, in contrast with 7% in 2022.
However, a lower proportion of women (22%) compared to men (35%) reported having no concerns about the process.
Only 7% of men, compared with 21% of women, were worried when they realised they needed additional financial support to meet their needs.
Almost two-fifths (37%) of women were concerned about losing their home, compared with only 20% of men.
Women were more likely to worry about inheritance (30% versus 18%) and interest building up (27% versus 23%).
A higher proportion of women (30%) spoke to family and friends to understand their views on releasing equity from their home, in comparison with men (20%).
Before speaking with an adviser, 30% of women were concerned that equity release could impact or stop them from leaving an inheritance, almost double that of men (18%).
Concerns about being judged for needing equity release weighed heavier on women, as 12% of women and 3% of men worried about this.
Kay Westgarth (pictured), director of sales at Standard Life Home Finance, said: “An increasing number of people are considering equity release as a viable way to augment their retirement income and navigate the cost-of-living crisis.
“It is great to see that consumer confidence in the sector is growing, and overall concerns this year are lower than last year.
“This is largely due to the great work of advisers in informing and supporting customers on their options.”
