Only 1 in 14 clients involve their children in meetings with financial advisers when discussing equity release, according to a new report.

The majority of clients (93%) surveyed did not involve anyone else in the Financial Planning process.

However, over 7 in 10 (71%) of clients said they had discussed the possibility of equity release with their children, according to the report from HUB Financial Solutions.

Only 22% of those surveyed had not discussed equity release with others.

Simon Gray, managing director of HUB Financial Solutions, said that advisers should continue to encourage family involvement for customers considering equity release.

He said: “It is important that people considering taking out a lifetime mortgage should be as transparent as possible with their children about their reasoning and intentions in order to avoid misunderstandings later in life.

“Involving children in the planning process can re-assure them that their parents are making a suitable financial decision to meet their needs and aims. It also gives children the chance to intervene if they are in a position to help financially and would like to do so if asked.”