Young Brits focus on climbing property ladder
British young people are shunning pensions as they focus all their efforts on getting on to the property ladder, research showed today.
More than half of people who buy their first property when they are in their 30s, and do not have a pension, claim they do not ever think they will be in a position to save for their retirement, according to insurer Prudential.
Debts from higher education, combined with soaring British property prices, have pushed the average age of a UK first-time buyer up to 34.
This is significantly older than previous generations, with 60% of people who are currently in their 50s saying they had taken out a mortgage before they were 30.
The group warned that the shift meant a quarter of young people wouldn’t have cleared their home loan by the time they were 60, leaving them with no mortgage-free time to focus on their pension.
The YouGov Omnibus study questioned 2,017 people during April.
