71% of customers seeking equity release advice with immediate family said they had discussed the possibility of equity release with their children, according to new data from HUB Financial Solutions.

Only 22% said they hadn’t discussed the possibility of equity release with anybody else, with 7% having discussions with family and friends other than their children.

The analysis from the regulated equity release advice in the UK also found that only 7% went on to involve their children in meetings with financial advisers as they went through the planning process in greater detail, with 90% not involving anyone else in meetings with their financial adviser.

Simon Gray, managing director of HUB Financial Solutions, said: “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.

“It could even open up more tailored equity release solutions like servicing the interest on the loan. Doing so would allow children who have income to service all or part of the interest on their parents’ lifetime mortgage, leaving more equity in the property to maximise the inheritance left behind.”