Just under a third (30%) of over-55s with a defined contribution pension plan to release equity from their home to help fund retirement plans.

Those on higher incomes were more likely to include equity release in their retirement planning.

Over a third (35%) of over-55s surveyed by Canada Life on an income of over £50,000 higher incomes were likely to consider releasing equity as part of their income plans, compared to 22% of those earning less than £20,000 and 33% of those earning between £20,000 and £50,000.

Over-55s with higher value pensions were also more likely to consider turning to equity release.

Those with defined contribution pots of over £200,000 were more likely (42%) to consider equity release than those with pensions valued at under £200,000 (27%).

Larger number of UK equity release customers are using the funds to support the cost of day-to-day living, according to a separate report from Canada Life earlier this month.

Almost a fifth (19%) of customers used equity release for this purpose in 2021.

It is the first time it has entered the top three reasons for releasing equity, according to the report.

Opinium surveyed 506 UK adults over the age of 55 with a defined contribution pension, who are not yet taking an income, on behalf of Canada Life between 15 and 26 October 2021.