Retirement savers turn to property due to complexity of pensions and low interest rates
The majority of people believe that investing in property is the best way to fund retirement, according to a new survey from the Office for National Statistics (ONS).
49% of non-retired respondents claimed property was their preferred option for making the most of their money between July 2016 to June 2017, the latest Wealth and Assets survey reveals.
The second most popular method, employer pension schemes, was picked by just 22% of those surveyed.
With interest rates historically low, cash savings and ISAs have declined in popularity amongst the group; while personal pensions and premium bonds were favoured by less than 10% of those surveyed.
With the pensions system becoming increasingly complex, only 42% of respondents felt they had the sufficient knowledge on pensions to consider it as an option.
The survey also revealed that 23% of those not yet retired expected to downsize as a source of income in retirement, whereas 44% would use their savings or investments, further demonstrating the popularity of property as a means of funding retirement.