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17 Sept 07 - People Turn To Homes In Retirement
People are increasingly turning to property investments
to provide for their retirement, a report claims. The news
comes as figures show the number of people paying in to
pension schemes has fallen.
Contributions to personal pensions have been steadily declining
during the 10 years to 2005, according to research by Prudential
and Partnership Assurance. The study, which tracked the
same group of people for 10 years, found that while just
over one in four were paying into a pension when they were
aged between 25 and 34, this dropped to 20% as they got
older. By contrast, property came to represent a significantly
larger proportion of household assets, particularly among
younger age groups.
Strong house price growth during the period meant the rise
in property values outweighed the increases in mortgage
debt, and helped all age groups increase their net liquid
assets, it added.
Source: Prudential
News items supplied by SelectNews, produced by PA Business,
part of the group that owns The Press Association, the UK's
national news agency. Copyright (c) PA Business 2007.
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