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Young Britons embrace retirement plans
Young Britons embrace retirement plans
Young people in Britain are better at getting to grips with retirement planning than any other nation, research has revealed.
The average Briton starts planning for their retirement at 28, even though typical first-time buyers don't make it onto the property ladder until a year later.
British people also tend to set aside ten per cent of their salary to ensure a decent income during retirement.
However, financial protection specialist Axa is concerned that one third rely on property to fund their retirement and warns that people need to take more care over their planning.
"It's exciting to see people starting to take more responsibility for their own income in retirement. However homeowners have limited options for generating earnings from the property they live in," said Steve Folkard, Axa head of pensions and savings policy.
"Many people don't take into account how emotionally attached they can become to a family home," he explained.
"By the time they retire, people are often [loath] 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."
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