Over a third (36%) said they would prioritise home or garden improvements,  followed by topping up day-to-day living (32%) and nearly a quarter (24%) said they would pay for a holiday of a lifetime.

Supporting family members was a priority for a number of homeowners. Almost a quarter (23%) of respondents said they would spend their money on helping children or grandchildren onto the property ladder, and 15% said they would help pay for their children or grandchildren’s education.

Achieving financial security was also important for this group of homeowners with 14% saying they would clear an outstanding mortgage and 9% saying they would prioritise paying off any unsecured debts.

Alice Watson, head of marketing, insurance at Canada Life, said: “It’s clear that we all have our unique goals for later life, and our own way of achieving them, whether that be using savings, pension or property wealth. As a result, no one individual’s retirement plan is likely to be the same as someone else’s.

“Property wealth is growing and increasingly being used alongside other assets as part of a more holistic retirement plan.

“While equity release is a long-term decision that should always be considered carefully with the right advice, it has a valuable role to play in helping today’s homeowners live the retirement they’ve worked long and hard for.

“Releasing equity not only allows homeowners to unlock the cash in their homes in a safe and flexible way, it can also help to support their lifestyle choices in later life.”