27 March 2007
Research by the online service Rated Tradesmen shows that 73 per
cent of UK adults are planning to rely on their house as a cash cow
come retirement.
Rated Tradesmen, an online service that matches tradesmen to
customer-submitted jobs, found that nine out of ten of UK adults
say they are 'very conscious' of the need to save for life after
work, but 48 per cent of UK adults say they have no pension plan in
place. Instead, people are choosing to invest their savings in
bricks and mortar, with 73 per cent saying that selling their home,
and cashing in on the property boom, will provide the funds they
need for retirement.
Rated Tradesmen questioned over 1,200 homeowners and found that
homeowners are spending 89 per cent more money in home improvements
than they do in pension contributions - £34 a week (£1,768 a year)
compared to an average weekly pension contribution of £18.
