Over 300 hours of consumer research was conducted in two stages:
1. Qualitative stage
A total of 6 focus groups and 22 in-depth interviews were undertaken. These included single people, couples and adult children.
The interviews were conducted in London, South East and Birmingham. The focus groups were run over 2 hours and the in-depth interviews lasted for 1 hour. The selection criteria included:
- A range of different attitudes towards equity release
- People with a financial adviser and those without
- A mix of men and women
- A selection of healthy and active people and people who are unhealthy and inactive
- Homeowners with or without a mortgage with between £0-250,000 in their pension fund.
2. Quantitative stage
This stage involved 1000 telephone interviews with consumers. The key characteristics were that:
- All interviewees were over age 60
- They were either approaching retirement, at the point of retirement or retired
- They all owned a property worth at least £125,000
- Specific quotas were set based on age, gender and region.
The interviewees were segmented into the following groups:
- Approaching retirement: Between 1-5 years from their anticipated retirement date
- At retirement: Less than 1 year to their anticipated retirement
- Recently retired: Less than 1 year spent in retirement
- Established retired: Between 1-10 years spent in retirement
- Long term retired: More than 10 years spent in retirement