People prefer property to pensions says Prudential
19/11/2004
The Prudential has found that people are choosing to invest in property instead of pensions to fund their retirements.
A lack of trust in pension schemes and a booming house market has seen attitudes switch - but Prudential is warning that this might have serious repercussions.
"Selling-up to access just half the shortfall from the average UK house could leave pensioners competing with first time buyers in the property market," warned Ali Crossley, director of Prudential's home equity plans.
This could lead to a massive collapse in prices, and people left with half the money they believed they would have.
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