Britons 'prefer pension before property'

02-Mar-2007

In news which may be of interest to would-be first time buyers, research shows that many Britons start planning for their retirement before getting a foot on the property ladder.

According to research by Axa, the average Briton starts planning for retirement at the age of 28 and opting to become first time buyers at the age of 29, with many setting aside as much as ten per cent of their salary.

Axa also found that one-third of respondents plan to use a property as a source of income in their retirement.

"It's exciting to see people starting to take more responsibility for their own income in retirement," said Steve Folkard, head of pensions and savings policy at Axa.

"However, homeowners have limited options for generating earnings from the property they live in," he added.

The study found that the average age for retirement planning varies between countries, with many in Japan and China not starting retirement planning until 36 and 37 respectively.

Axa offers a range of financial products and services, including insurance and pension products.

2012: May | Apr | Mar | Feb | Jan

2011: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2010: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2009: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2008: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar