'More financially open' younger generation may benefit from equity release

The younger generation are said to be more willing to talk openly about their financial planning, in news that could mean they will be better-prepared to take advantage of equity release schemes in future.

Jeremy Sutton, head of savings and investments at Tesco Bank, said: "Unlike previous generations, it's encouraging to see young couples discussing money matters."

He believes it is more important than ever for people to take care of their long-term financial planning.

"It is vital young people have the right information to help them make the best provisions for a happy future together," Mr Sutton explained.

He was speaking after a survey carried out by Tesco Bank revealed that nine out of ten young Britons in a relationship have no qualms about sharing the value of their life savings.

Young people living in city centre apartments may be particularly well-placed to benefit from equity release schemes.

The average price of flats and maisonettes increased by 8.5 per cent in the 12 months to January 2010, according to the Land Registry, compared to a figure of 5.2 per cent across all property types.

Ashall Glover Financial Services are equity release specialists