Nearly half of over-50s believe that the government should support the use of equity release as a means of funding UK consumers' retirement, new research has shown. 

A nationwide study by an independent advisory firm has revealed that 45 per cent of UK adults aged 50 and over would back government support for equity release schemes.

The survey, conducted by Key Retirement Solutions, also revealed that more than a third of respondents (35 per cent) would be more likely to sign up for an equity release plan if tax incentives - such as a lower rate on income generated through equity release – were offered.

An additional 41 per cent claimed that they would need more details about such tax breaks before supporting such a move.

Equity release has been backed by think tank The Smith Institute and Financial Conduct Authority chairman Martin Wheatley in recent months as a means by which to help fund long-term care.