Borrowing money has become part of our day to day lives – taking out mortgages, shopping with credit cards, student loans, organising a personal loan to buy a car or new kitchen. The modern view is that used wisely, credit oils the wheels of economic activity and ultimately helps us enjoy a higher standard of living.

We only have to go back a few generations, to those born and brought up in the inter-war years, to find a time when credit was tight and borrowing was a big deal. For these “traditionalists” it was a point of pride, passed down by their own parents, to be able to live within your means.

Attitudes changed after the war, driven by an increasing appetite for home ownership. By the time the baby boomers reached adulthood they were comfortable using mortgages to access the benefits of home ownership. Rising house price resulted in their properties becoming significant stores of wealth.

We are now at a cross roads that has some important implications for those involved in the equity release market. The traditionalists are well into drawing their pensions now while the baby boomers who are reaching retirement in the form of a demographic bulge that will see a record 800,000 people celebrate their 65th birthdays this year.

This will be a catalyst for growth in equity release because not only are their more potential clients but they are also far more open to the idea of using borrowing to get what they want. This is not just wishful thinking but is backed up by extensive research, the results of which will be unveiled soon, that we commissioned into attitudes towards equity release across those both at and in retirement.

The older generation have expected their home to be the inheritance they leave their children and, by living within their means, many achieved this. Those who dipped into their home value often did so as a one-off, to give some financial help to children, make alterations to their home or for a once in a lifetime holiday.

The squeeze on pension incomes and the rising costs of care are making it more difficult to make ends meet and equity release is now becoming a way to boost regular income, using the drawdown facilities of lifetime mortgages. Those traditionalists who are fixated on leaving an inheritance often find their own grown-up children, today’s baby boomers, are now the biggest cheerleaders for equity release. Most do not want to see their ageing parents scrimp in their final years but are not in a position themselves to give financial help.

Many baby boomers who have done well on property will not have been so lucky with their pensions. At retirement, fewer will be able to rely on inflation-proof final salary schemes and those needing to buy their own pension income may find annuity rates subdued.

Yes, they will probably work later in life and many will consider downsizing although the costs and inconvenience may be put