Youngsters plan to fund retirement through property
Research by Stonehaven found that a growing number of people want to invest in property early in life in order to pay for their retirement.
More than a quarter of those surveyed (28%) of young people said they would rather put their cash into property than saving into a pension.
Alice Watson, product and communications manager at Stonehaven, said buying as early as possible was appealing as property prices are increasing at a rapid rate.
“The young want it all,” she said. “They want to save money for the future without compromising their current aspirations, which includes owning a property.
“They recognise the long-term value and opportunity offered by investing in property, not only to enhance their lifestyles but to fund their retirement.”
The research found 22% of people were saving a lump sum to fund their retirement while 13% were using investment opportunities.
Over half of respondents (56%) said they expect to use the capital to maintain their current standard of living.
“Property will normally be an individual’s largest asset and it’s refreshing to see that many young people already see the benefits of investing in a home now, with a view to being able to enjoy the equity saved in it later down the line,” added Watson.