UK Money News
28th November 2007
Consumers 'choosing property over pensions'
Many people consider relying on property to be an alternative to investing in a pension, it has been claimed.
According to personal finance provider Scottish Widows, it is becoming common for people to look to the property market for help with money.
This could be due to the strong performance of the sector in recent years, with prices rising significantly in areas such as Northern Ireland and Scotland.
Ian Naismith, head of pensions market development at Scottish Widows, said: "If the property market falls people may start investing in pensions again.
"Another factor is that people may not like their money to be tied up these days."
He explained that often funds in a pension scheme are tied up, while many consumers like to know that they can access help with finance when they need it.
The money news follows recent research published by TNS that reveals around half of people aged between 55 and 64 have no retirement funds in place.
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