You are here: Home - Mortgages -

Young people should prioritise pensions over property

0
Written by:
02/11/2012
It is more important for young people to put money away for retirement than it is for them to get on the property ladder, according to a survey of millionaire retirees.

The survey of 232 retired millionaires, carried out by financial adviser deVere Group, found that 78% thought it was ‘important’ to ‘extremely important’ to build a retirement income, while 62% thought it was ‘important’ to ‘extremely important’ to get on the property ladder.

Nigel Green, the chief executive of the deVere Group, said: “These findings reflect the real concerns that people have about getting older.

“The survey highlights that even those who have acquired a million pound-plus fortune are concerned that they might not be able to afford to sustain a comparable lifestyle throughout their retirement.

“In addition, it suggests that many have seen a downturn in their home’s value and that they have a lack of confidence in the property market.”

The respondents stated that despite being millionaires, they find that their money does not go as far as they had expected, due to factors like rising prices.

Green added: “It appears that retired people, of whatever wealth bracket they may be in, are increasingly realising the level of savings that are necessary to fund a similar lifestyle to what they had enjoyed whilst still actively working.

“It’s clear that millionaires’ best advice to young people is to start saving as soon as possible if they want to enjoy a long, active and comfortable retirement.

“The survey’s findings underscore the message that the earlier you start financial planning, the easier it is to reach your long-term financial goals.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Insurance Experts: Are you fully insured? Click here to get a quote.

For a free quote or to speak with an insurance expert call 0800 1218744

Tesco expected to post significant write-offs

Tesco is predicted to unveil the biggest loss in its 100-year history, according to analysts.
Tesco expected to post significant write-offs

Woodford’s new income fund drops out of top traded list

Star manager Neil Woodford’s Income Focus fund has dropped out of a platform’s top traded list, just five mont...
Woodford’s new income fund drops out of top traded list

Why selling on eBay just got more expensive

Thousands of people selling goods on eBay will see the cost of using the site increase. Here are the best alte...
Why selling on eBay just got more expensive

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

Tesco expected to post significant write-offs

Tesco is predicted to unveil the biggest loss in its 100-year history, according to analysts.

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2221832-exchange
US markets race higher on jobs surprise

US stock markets powered ahead after the opening bell as private sector jobs data released today painted a much brighter...

Close