Well, living a life free of stress has conveniently moved into being an illusion for every Britons life. With unemployment threats, turbulent economy, and stagnant property market casting a cloud over the blue sky, witnessing sunshine in the lives of people living in UK has become an improbable task.
As the Independent reports, Insurance giant Prudential has accounted that 35 per cent of individuals under the pension scheme have stopped contributing to the fund. The reason being simple, either they have been out of work or do not have the money required to save. However, according to the reports, the threat seems to loom large, as 43 per cent of those who have stopped contributing does not even wish to start with the plan again.
According to Tom McPhail, the head of pensions at independent financial adviser (IFA) Hargreaves Lansdown “It's all pointing in the same direction: there is a clear decline in pension engagement at the moment, given that people don't have enough money to sustain their current lifestyles it's hardly surprising."
Building more concern against the report, the estimate of prudential has been reported shortly after the news of pension crisis hitting an all time high. According to the annual survey of National Association of Pension Funds (NAPF), 48 per cent of working individuals have lost confidence in confidence and six out of 10 people believe that their pension would not be able to fund their retirement.
With such threatening reports coming in, experts are concerned with the flowing trend that holds an eye on other available retirement solution contradicting the idea of pension saving. As reports investment firm LV around two million individuals on the threshold of retirement are considering releasing equity from their homes to fund their retirement. However, with house prices witnessing low times, even this does not come across as a practical solution, experts have warned.
Well, with such changing times and tough financial period being an accompaniment, you can consider depending upon the scheme of equity release. Calculate your property value with equity release calculator and check with the value in the face of this tumultuous property market. Be sure; be safe!
