Retirement is changing. Today people work later in life and they fund their retirement through a variety of different income sources. Many people no longer consider their pension savings to be their sole source of income in retirement, citing property, amongst other savings and income from employment as alternative sources. The PLSA commissioned DJS to conduct research with the general public to understand the role that property plays and could play in supplementing retirement incomes. The research consisted of a survey with 1,650 people, as well as 15 qualitative depth interviews.
The findings from the research showed:
- 17% of retired people use property to finance their retirement;
- Of which 40% are using it for luxuries or non-essentials; and
- 33% of 35-44 year olds felt that they will have no choice but to use property when they retire.
Further analysis for our infographic showed:
- Younger generations are more likely to think they will use property to finance their retirement than older ones;
- 13% of non-retired homeowners don’t think they’ll pay off their mortgage before they retire; and
- 23% of the 35-54 year olds who plan to use property to finance their retirement, don’t yet own any.
Donwnload the initial findings and property infographic below.