Will equity release be more attractive as job confidence wanes?

Brits' confidence in their finances and job security is waning, according to an industry expert, which may see more homeowners considering equity release to supplement their income.

Mike Fosberry, president of the Personal Finance Society, said that people were nervous about job security and the wider economy in the wake of the global economic downturn.

He commented that the public sector deficit in the wake of the recession was a big challenge that was yet to be resolved.

Pointing out that the economy had only seen a small growth, he added that he was not completely sure that the financial crisis was over.

Mr Fosberry said: "You can understand why people are nervous about doing very much in the short-term because they may be nervous about jobs, they may be nervous about where the economy is heading."

His comments chime with analysis by Alliance Trust earlier this month, which indicated that people are becoming increasingly insecure about their financial status.

Ashall Glover Financial Services are equity release specialists.