Retirement Plus has noted the relatively widespread consumer knowledge of safe home income plans (Ship), the trade body for the equity release sector.

In a recent independent survey carried out on behalf of the equity release product firm, over one in five (20.7 per cent) participants noted that they were aware of the existence of the trade body.

Managing director of Retirement Plus Duncan Young commented that the number of respondents who were aware of equity release was also higher than expected - almost six out of ten (57.6 per cent) stated that they recognised the term.

Mr Young commented: "It appears that people are considerably more knowledgeable about equity release than they have been in the past... Ship is obviously better at self-promotion than people give [it] credit for."

Ship was launched in 1991 and promotes safe home income and equity release plans as well as protecting plan holders.