Could equity release help those who are failing to save?
17-02-2012 10:55
Equity release may become increasingly popular in the future, as one expert has claimed long-term savings are often overlooked by the young generation.
Tom McPhail, head of pensions' research at Hargreaves Lansdown, explained how other "more immediate urgent needs" can force people to put individuals off trying to put money aside for their retirement.
Priorities such as buying a home, bringing up a family and paying off debts can all "push" pension saving to one side, it was suggested.
According to Mr McPhail, confusion around pensions can also make investment unattractive for some young workers.
"If the pensions industry, the government and employers can all present easy and accessible solutions ... then that will go a long way towards improving the situation," Mr McPhail remarked.
Founder of CashQuestions.com Annie Shaw recently highlighted the importance of having access to cash during retirement, as she noted pensioners tend to have a higher percentage of outgoings than younger individuals.
Ashall Glover Financial Services advising on equity release schemes
Posted by Patrick Ashall
