Brits think of retirement first
March 2, 2007 by admin
Filed under News, News-Mortgages
The majority of Brits are more concerned about their pension than getting a mortgage.
New research shows that the average person in the UK begins putting money towards their retirement before taking their first step onto the property ladder.
A report released by Axa shows that the average person starts planning their retirement at the age of 28 but does not buy a house until the age of 29.
Britain, in fact, is a world leader when it comes to planning for retirement, beating off competition from the US, Canada and Australia.
Although the British attitude is commendable, some industry experts are warning that too many people (one third) are relying on property to secure a retirement income.
“Homeowners have limited options for generating earnings from the property they live in,” said Steve Folkard from Axa.
“Many people don’t take into account how emotionally attached they can become to a family home.
“By the time they retire, people are often loathed to move away from their friends and family or rob their children of their inheritance by handing over their home to an equity release company. This can scupper plans to take an income from the equity in their home,” he added.
