Increasing the number of advisers in the later life sector and raising customer awareness are two of the major challenges needing to be addressed, Key Advice CEO Will Hale has said.

“A significant percentage of people’s net wealth is tied up in property,” he said.

“40p in every pound, for those aged over 55. So, the big job we have is to normalise the use of housing equity. Marketing and advertising directly to consumers will play an important role in increasing awareness and we need more brands to step up to the plate in this area, especially the big, high-street banks."

Hale also argued that a lack of advisers needed to be overcome. “There is a lack of advisers specialising in this sector. To that end, we need to highlight the opportunities available and to get them through all the routes there are to market.

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