Nearly a third of homeowners over 55 say they have felt vulnerable when making a financial decision, research by More2life has found.

When asked how they would react if their adviser offered them support because they thought they were vulnerable, almost three-quarters of over-55s say they would be comfortable with this.

However, 19 per cent say they do not need any help and 21 per cent say they would only welcome this assistance if it did not slow down the application process. 

Around one in ten say they would be “upset” if they were regarded as vulnerable when they were not.

More2life chief executive Dave Harris says: “Vulnerability is a tricky topic for advisers and lenders as while we are committed to supporting people who need additional help, clients may very well not identify themselves as being vulnerable.  

“So the challenge becomes helping them make the right financial choices for both the short and the long term while at the same time encouraging them to realise they may be vulnerable and that this is entirely okay.”

But he points out that while the majority of older homeowners would like to see more support for the vulnerable, many are still reluctant to see themselves as needing extra support with decision-making.

This can make it hard for advisers to strike the right tone in their conversations with clients around vulnerability. 

Harris adds: “We strongly welcome the FCA’s guidance on vulnerability to ensure the best outcomes for customers in the equity release market.”