Britons Place Pensions Ahead of Property

Fri, 02 Mar 2007

Young Britons place pensions above property .

Axa data shows we commence retirement planning at 28 yet usually buy a property at 29.

These figures depcit Britons as considering their retirement planning at a younger age than any other country.

Britons can open pension funds prior to taking out mortgages . Once they have a foot on the property ladder, a considerable number of Britons forget about retirement income and think that their home is going to provide for them in retirement.

Axa figures depict a third of us expect property to provide our retirement income. Yet that may not be the safest option as homeowners do not have a great many options for generating earnings from the property they live in.

We can become emotionally attached to a family home and do not wish to retire and move away from our friends and family. We may not wish to deprive our children of their rightful inheritance by giving over our home to an equity release company.

This may of course affect our plans to live off an income from the equity in our home.

In spite of scare stories as well as talk of pensions crises, UK pensioners are "significantly better off" than European counterparts, so Axa has declared.

The average retired Brit has £271 left over every month after living expenses, compared with pensioners in Italy, France and Spain who are not left with enough money to cover their living expenses each month.

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