Property is a priority for retirement
According to new research, more adults are relying on their homes to fund retirement.
Financial services group Alliance Trust found that 43 per cent of those questioned expect property to contribute to their pension income, while only 36 per cent of those polled intend to fund retirement with a company pension scheme.
Hyman Wolanski, head of pensions at Alliance Trust, comments that this could be a response to a trend in pension companies closing throughout the year, coupled with significant house price rises over the last decade.
She said: “People often don’t appreciate that there are many financial products available to help them save for their retirement.”
There are many investment alternatives to pensions, such as Individual Savings Accounts premium bonds and shares, each of which carries its own amount of risk.
Mirroring comments made by the Pension Advisory Service last week, Ms Wolanski advises that homeowners do not rely solely on their property to fund their mortgage.
