Brits 'should seek IFA advice on equity release'

The UK's baby boomers need to consult independent financial advisers (IFAs) before taking measures like equity release in order to free up cash, according to one firm.

A YouGov survey carried out on behalf of AXA Wealth has found that the average baby boomer - that is, people aged between 45 and 65 - plans to retire at 64, with many stating that they are considering a move abroad.

Additionally, one-quarter of those polled said that they expect part of their income to stem from downsizing their property, while around one in ten planned to use home equity release schemes.

"Babyboomers will begin to retire in the next 18 months and for many of them, a move overseas will seem an attractive option," commented David Thompson, managing director of wealth investments and distribution at AXA Wealth.

"IFAs have a vital role to play in ensuring they are well equipped and have realistic expectations."

In other news, the Financial Services Authority recently highlighted concerns over advice given to some people regarding pension switching, which could encourage more retirees to free up cash through equity release schemes.

Ashall Glover Financial Services are equity release specialists.