Stop partying and get on the property ladder

20-Apr-2006

By age 26 it may be too late to get on the property ladder, according to recent research by financial experts.

A new study by Prudential reveals that anyone who has not put the foundations of financial security in place by 26 could face a lifetime of playing catch up.

Experts claim that the three pillars of personal financial planning include saving for retirement, saving for the future and getting a foot on the property ladder.

Aspiring first time buyers considering affordable housing options should work with a good mortgage broker

These findings are even more worrying for fun-loving Brits as the Prudential believes that starting a pension should happen at age 22 and a first house bought by age 25.

However, in reality, the average first-time buyer is 34 and the average age to marry has gone up to 29 for women and 31 for men.

Find out more about the housebuying process in the FirstRungNow Home Buyer's Guide

"A the bright young age of 26, many youngsters are not yet fully aware of the benefits that starting a pension and savings scheme can bring," comments Roger Ramsden, executive director of Prudential UK.

"For one thing, few are aware of the significant tax breaks of a pension. It is only later that they look back and wish they had acted earlier to maximise their finances," he concluded.

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