Over three-quarters (78%) of Financial Planners expect more of their clients will look to equity release to support their retirement income needs over the next year, according to a new report.

However, 40% of Financial Planners reported a drop in the number of equity release cases they have advised on since the start of the Coronavirus pandemic, according to the report from equity release lender more2life.

A third of Financial Planners said they have advised on more equity release cases since the onset of the pandemic.

Over half (53%) of the Financial Planners surveyed said they had more clients using equity release in order to help family members onto the property ladder. An additional 34% said they had seen an increase in the proportion of clients using equity release to help relatives who were struggling financially.

A third (31%) said they had supported a greater number of clients using equity release to repay their residential mortgage, while a quarter (27%) said more of their clients were using equity release to refinance debt since the start of the pandemic.

More2Life carried out online research in May 2020 and May 2021 amongst 350 advisers operating in the later life lending space.