Could equity release be used by Brits struck by a financial crisis?

A fifth of Brits would opt to sell their home if they lost income due to health or serious illness, research shows, which may make them good candidates for equity release.

One in four Brits could access only £100 disposable cash in case of death or critical illness, a survey by Aviva has shown.

The average Brit would only have enough cash to last them 14 days, according to the insurer, although 19 per cent may be good candidates for equity release.

Meanwhile, a quarter (24 per cent) of Brits would be happy to rely on their savings to plug the financial gap.

Head of protection for Aviva Louise Colley explained: "The majority of British people see it as their responsibility to cover any loss of income in the case of them not being able to work due to a critical illness or death.

"But most simply don't have enough money to see them through this period."

The findings follow research by moneysupermarket.com, which indicated that ten per cent of British adults permanently live in their overdraft, suggesting they would be even less prepared for a financial crisis.

Ashall Glover Financial Services are equity release specialists