UK Money News
21st July 2008
Homeowners urged to save for retirement
The decline in the housing market has highlighted the importance of looking beyond property to fund retirement, according to Friends Provident.
Calculations from the pension provider show that if house prices fell at the rate seen in 1992, the average homeowner could be facing negative equity of £89,850.
Jeremy Ward, head of pensions marketing at the company, said that this could leave those who have not made any back up plans facing a bleak retirement.
Mr Ward warned: "If house prices continue to fall, people could find themselves in serious financial difficulty with negative equity on their property and no personal pension.
"This is a dangerous situation to be in if people don't have any savings or a pension to purchase an annuity for their 'inter' years."
Research undertaken by Friends Provident found that 65 per cent of consumers have yet to start saving for retirement.
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