Many Brits Rely on Equity Release, not Pension

A recent research by LV=, UK retirement specialist, showed that the vast majority of Brits still believes that property is the best way to save for pension. As such, 54% of people in their 50s say they think it is the right thing to advise their children to invest in property. The proportion of those who would advise their children to invest into pension is 1% lower, at 53%.

Despite the fact that 44% of people in their 50s still have a mortgage to pay and have seen a £21,000 fall in the value of their properties, 25% of Brits are planning to use their home as a source to fund the retirement.

Another 9% of respondents said they are willing to take financial advice when it comes to releasing of equity.

Commenting on the findings, Mrs. Vanessa Owen, head of equity release at LV= said that the fact that economic recession has not deterred those approaching retirement from using home as a financial source means that property is a great part of the wealth most Brits have accumulated in their lives.