22 March 2023
Alice Watson from Canada Life UK responds to Great Expectations Report
Alice Watson, head of marketing communications at Canada Life UK, comments on the Equity Release Council’s Later Life Lending: Great Expectations report
Despite UK property wealth standing at £5trn, and major progress having been made in recent years in terms of product innovation and flexibility, a lack of awareness of the equity release market has resulted in consumers considering their wealth in siloes. Importantly, property wealth should be thought of alongside pensions and other assets to create holistic retirement plans.
Thanks to a combination of the interest-only mortgage time bomb, limited pension adequacy, pension freedoms, and inheritance tax rules changing, notwithstanding a cost-of-living crisis, equity release will undoubtedly be a key component of many retirement plans in years to come – due to the fact it can provide both certainty and flexibility.
Looking ahead, we, as an industry, need to continue to work collaboratively with both regulators and advisers to highlight the benefits of property wealth and how it can help customers meet their individual needs.