{"id":5023987,"date":"2019-06-19T09:21:54","date_gmt":"2019-06-19T08:21:54","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=5023987"},"modified":"2019-06-19T09:21:54","modified_gmt":"2019-06-19T08:21:54","slug":"new-research-suggests-property-is-the-pension-pot-for-younger-generation","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-us\/news\/new-research-suggests-property-is-the-pension-pot-for-younger-generation\/","title":{"rendered":"New research suggests property is the pension pot for younger generation\u00a0"},"content":{"rendered":"

New data collected by\u00a0<\/span>Canada Life Home Finance<\/span><\/i>\u00a0indicates that the younger generation anticipate using equity from their home to provide for their retirement.<\/span>\u00a0<\/span><\/p>\n

The Canada Life Home Finance report states that in the UK, young people share a more holistic view to the wealth home ownership can create.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

Of the<\/span>\u00a016 to 54 year olds\u00a0<\/span>surveyed, 9 per cent\u00a0<\/span>expect the\u00a0<\/span>equity accrued<\/span>\u00a0in their homes\u00a0<\/span>will provide the bulk of their retirement income.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

Under 55\u2019s three times more likely to rely on home equity<\/span><\/b>\u00a0<\/span><\/h3>\n

They are three times more likely than those aged 55 and over, to look to their home as a way of financing their retirement years.<\/span>\u00a0 This mind set emphasises the potential for<\/span>\u00a0equity release\u00a0<\/span>which\u00a0<\/span>is moving into mainstream financial planning.<\/span>\u00a0<\/span><\/p>\n

Half\u00a0<\/span>of under 55s\u00a0<\/span>believe<\/span>\u00a0that their state or workplace pension will provide them with sufficient\u00a0<\/span>funds on retiring,<\/span>\u00a0while 21%\u00a0<\/span>trust\u00a0<\/span>that their savings will cover their income needs.<\/span>\u00a0<\/span><\/p>\n

Alice Watson, head of marketing and communications at\u00a0<\/span>Canada Life Home Finance<\/span><\/i>\u00a0said: \u201c<\/span>It is good that the younger generation recognises that they can unlock wealth from their property in retirement. This openness is likely driven by the reality that many under 50s will receive less generous pensions under the defined contribution scheme, compared to the majority of the<\/span>\u00a0older generat<\/span>ion on the defined benefit plan.\u201d<\/span>\u00a0<\/span><\/p>\n

21 per cent\u00a0<\/span><\/b>surveyed\u00a0<\/span><\/b>planning on savings to fund retirement<\/span><\/b>\u00a0<\/span><\/h3>\n

However, the 21 per cent of those banking on their savings may be proved wrong. HMRC\u2019s record tax receipts in April 2019, show a considerable rise in the number of people drawing down on their pensions after the freedom reforms in 2015.<\/span>\u00a0<\/span><\/p>\n

There is a tendency for people to underestimate their life expectancy and not have enough savings to cover their retirement years.<\/span>\u00a0<\/span><\/p>\n

Alice Watson added: \u201c<\/span>Following the pension freedoms, there is a growing fear that people\u2019s retirement income might not be able to provide them with the sort of lifestyle they\u2019re hoping for.<\/span>\u201d<\/span>\u00a0<\/span><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

New data collected by\u00a0Canada Life Home Finance\u00a0indicates that the younger generation anticipate using equity from their home to provide for their retirement.\u00a0 The Canada Life Home Finance report states that in the UK, young people share a more holistic view to the wealth home ownership can create.\u00a0\u00a0\u00a0 Of the\u00a016 to 54 year olds\u00a0surveyed, 9 per… Read more »<\/a><\/p>\n","protected":false},"author":217,"featured_media":5023988,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[4,6],"tags":[],"class_list":["post-5023987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-uk-housing-market"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/5023987","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/users\/217"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/comments?post=5023987"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/5023987\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media\/5023988"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media?parent=5023987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/categories?post=5023987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/tags?post=5023987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}