Younger savers 'relying on property'

Research by the International Longevity Centre has found that people are relying less on personal pension schemes, with young adults in particular neglecting to pay into a pension plan. 

The thinktank said that younger people have placed their trust in the property market, with household assets proving more popular than pension plans.

But the report warns that young people that large volumes of illiquid wealth will fail to contribute to any further income in retirement.

"Indeed, the evidence suggests overall that rising property prices are in fact detrimental to retirement income," the study concluded.

The Pensions Advisory Service recently said that unless young people have an occupational pension scheme, most are not making any provision for retirement.

IntheNews.co.uk.

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