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

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.

Five apps to help you to save money without realising

Are you looking to get your finances under control ahead of a fun (but expensive) Christmas? Here are five way...
Five apps to help you to save money without realising

Rightmove: house prices set for zero growth in 2019

Homes listed for sale in 2019 are predicted to have the same average asking price as this year, although a Nor...
Rightmove: house prices set for zero growth in 2019

FTSE tumbles to 1999 tech bubble peak

Stock markets sold off this morning, with the FTSE 100 hitting the same level it reached on 31 December 1999. ...
FTSE tumbles to 1999 tech bubble peak

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...

A quick guide to guarantor loans – in association with Guarantor Loan Comparison

Considering a guarantor loan or becoming a guarantor yourself? Read our essential guide...

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.

Money Tips of the Week

Read previous post:
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