More equity advice needed by pre-retirees

Posted in General

20th May 2010

Only one person in five (19 per cent) is seeking professional advice on equity release or other financial issues in the run up to their retirement, new research has shown.

The new figures from Prudential show that nearly half (45 per cent) look for help from friends and family, whilst a quarter turned to newspapers, magazines and the internet.

All these people could be missing out on getting expert advice on equity release schemes, which can provide extra income by extracting some of the value of a person's house.

Vince Smith-Hughes from the Prudential has warned that people who don’t seek professional help could face trouble in the future.

He commented: "it could lead to serious misdiagnosis and people could end up making irreversible decisions which leave them financially disadvantaged."

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