Family home is where the heart is
www.moneynews.co.uk > Housing market > Family home is where the heart is
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Money News |
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Family home is where the heart is
Wed 8th Nov 2006
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A survey showed that 85 per cent of UK homeowners wish to stay in their home and over a quarter were prepared to work past the pensionable age in order to do so rather than be forced to downsize.
This may come as no surprise considering that, of the non-retired respondents, the average household wage was found to be £25,700, however, this falls to £11,800 on retirement.
Gus Park, head of lifetime mortgages at Bradford and Bingley, stated: "Clearly many will have to face some tough decisions if they are to make ends meet in the long term."
"But, although over half of all respondents (68 per cent) owned properties with three or more bedrooms, just one in five (20 per cent) of our survey said they would consider downsizing as a way to plan for a comfortable retirement," Mr Park added.
Furthermore, Mr Park continued to state that pensioners who are struggling financially should seek advice from an advisor as to determine how best to manage their money.
The average basic state pension in the UK currently stands at £84.25 per week but this figure can alter depending on individual circumstances.
Related News : Housing market |
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Related News : Bradford and Bingley |
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