Britons 'choosing property over pensions'

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Britons 'choosing property over pensions'

Half of UK homeowners are shunning pension contributions and are instead banking on profits from their property, according to research.

Lincoln Financial Group undertook the study to determine people's attitudes towards retirement nest eggs and found that more than 7.5 million homeowners are expecting that property will fund their retirement.

However, the study also showed that a total of around 1.6 million British homeowners are not expecting to have paid of their mortgage until the age of 65, whereas 300,000 homeowners stated they would not pay the loan back until they reach 70.

Ian Noble, head of strategic partnerships at Lincoln Financial Group, remarked: "Of course it can be difficult building up other savings while paying off your mortgage and also investing in a pension."

"But it is potentially risky to believe that your home will provide for your retirement if your pension is not sufficient," he added.

The findings of this research follow a recent study by HSBC that discovered 50 per cent of 16 to 24-year-olds believe they are too young to begin making pension contributions. This is despite the fact that a basic state pension is £84.25 per week.

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Related News : HSBC

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