Equity release needs government support to boost retirement lending and reach more consumers, specialists have claimed.
Stuart Wilson, channel marketing director at more2life, called on the Chancellor Philip Hammond to focus on equity release as a means of lending into retirement.
He commented: "We would encourage the chancellor to use this opportunity to shine a spotlight on retirement lending.
"The government should move to broaden their outlook, and show increased effort in raising awareness of the retirement lending market in order to educate retirees on the array of options and benefits available."
The retirement lending sector has a lot to contribute and growth in this market could lead to economic stimulation.Mr Wilson said recent second half of 2016 has seen the Financial Conduct Authority (FCA) show great interest in the equity release market. According to Mr Wilson, "The noise coming out of the FCA is particularly encouraging".
He explained: "We are seeing tremendous industry support from the regulator, lenders and advisers but in order to reach the consumer we would like to see further support from the government."
Greater awareness and understanding of the market would help to stimulate wider growth for the financial sector, Mr Wilson said.
Moreover, Mr Wilson believes this increased interest in the later life lending sector would help to ensure further product innovation from lenders to meet the expanding needs of individuals in retirement.
He added: "The retirement lending sector has a lot to contribute and growth in this market could also lead to economic stimulation more generally.”
