More young people believe they will use property to fund their old age rather than pensions, even though few have reached the stage of having a mortgage yet, research reveals. Standard Life's survey found that young adults intending to use their homes as a source of retirement income may not have realistic expectations given the nature of the housing and mortgage market today. However, Standard Life points out that many people are still likely to be paying rent or mortgages in later life. The survey also found that just one in ten people aged 27 or under currently have a mortgage, and one in five believe they will still be paying off a mortgage in retirement. "Relying on one asset alone for your retirement can be risky," says Standard Life's managing director for retail direct Dean Butler.
Daily Mail (05/02/2023)