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Britons Still Confused About Equity ReleaseMore than half of Britons (56%) do not have a clue what equity release actually is, according to the latest research from Norwich Union, the market leading provider in the equity release sector. As the current pensions crisis continues to dominate headlines, this knowledge deficit paints a worrying picture of Britons' understanding of their retirement options. In a survey of more than 1,000 adults, eight in 10 consumers did not know the age they were eligible for equity release, whilst a fifth (19%) thought that they could take out a policy from the age of just 18! To combat this incomprehension, Norwich Union has launched an informative film (available in VHS or DVD format) to educate consumers about equity release. Norwich Union further probed consumers to determine their level of understanding: Lack of product knowledge Misunderstanding of tax implications Shockingly, 17% of respondents did not realise that equity release could affect the amount they may leave to their dependents. Product protection ignorance Information sources Elizabeth Boardall, head of marketing, Norwich Union Post Retirement Products comments: "It is worrying to find that so many people are unaware of the basics of equity release when this may be a viable option for many approaching retirement. The fact that many consumers assume it is something they can have from the age of just 18 further strengthens the case for a drive in educating the Great British public. Providers and intermediaries alike have a role to play in ensuring that consumers fully understand the products available and the options open to them. "It is however encouraging that the majority of consumers will seek advice from a variety of sources about equity release. It is the responsibility of the adviser they consult to educate the consumer on all options available for funding their retirement." Norwich Union has launched an educational equity release DVD and VHS . To request a copy call 0800 404 7137. A Guide To Equity Release For Your Retirement
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